Homeownership is now considered a “luxury” in most of America’s largest cities due to a shortage of homes for sale, high property prices, and elevated mortgage rates, consumer services company Bankrate said in a Dec. 8 analysis report.
A typical household, which earns nearly $80,000 per year, is far short of the $113,000 required to afford a median-priced home worth $435,000 as of July, the report said. In some cities, buyers must now have more than $200,000 to afford the median-priced home.
“Nationally, over 75 percent of U.S. homes on the market are unaffordable to the typical household,” Bankrate said.
Typical households must make at least $33,000 more to afford median-priced homes….