US Home Affordability Hits Record High, Requires $114,627 Income, $400,000 in Priciest Areas

The cost of buying a home in the US has reached record highs, with Americans now needing an annual income of over $114,627 to afford a median-priced home, up from $75,000 in August 2020. In the two priciest metro areas, homebuyers must earn more than $400,000. This sharp increase in home affordability has led to more people giving up on buying homes and finding alternative ways to spend their savings.