U.S. Housing Affordability Crisis Intensifies

Average household income falls short for comfortable homeownership, as mortgage payments soar.

Housing affordability crisis deepens as U.S. median income falls short of the amount needed to comfortably afford a home.
Average U.S. household now needs to earn $106,000 to maintain mortgage payments, a significant increase from 2020.
Mortgage payments on a typical U.S. home have nearly doubled since January 2020.
Options for buyers include waiting for mortgage rates to drop, exploring more affordable areas, and considering co-ownership.
Financial preparation and careful budgeting are essential for prospective homebuyers to avoid being 'house poor'.