Housing affordability has dropped considerably in major American metros, according to the latest data published by Oxford Economics in a Nov. 11 report, which adds that only about a third of households earn enough income to afford a property.
The report analyzed the income needed by households from 173 U.S. metros to afford a median-priced single-family home and pay both property taxes and home insurance costs.
“The average US household needed to earn $107,700 annually to afford the median housing costs in Q3 2024, nearly double the $56,800 equivalent annual household income needed in Q3 2019,” Oxford said in the report. Only 36 percent of households earned the income needed in Q3 2024 to afford a home, compared to 59 percent in 2019….