Homeownership Becomes Increasingly Elusive for Americans

With median home prices soaring, experts see no immediate relief for prospective buyers.

Home prices have surged since the COVID-19 pandemic, making homeownership less accessible for many Americans.
In nearly half of the states, households need to earn at least six figures to afford a median-priced home.
The median sales price of a new, single-family home was $416,300 in May 2023, significantly higher than in previous decades.
Experts warn that housing affordability is not expected to improve in the near future due to high mortgage rates and low housing inventory.
First-time homebuyers are buying homes later in life, with the average age now at 35.