Housing Affordability Crisis: A Stark Reality for American Households - A recent study reveals that the average American household now needs over $170,000 annually to afford a median-priced home, a significant increase from just four years ago. This dramatic shift is due to rising home prices and higher mortgage interest rates, making homeownership increasingly unattainable for many, particularly first-time buyers and those with moderate incomes. Only six of the nations fifty largest metropolitan areas are considered affordable, highlighting the ongoing challenge of housing affordability.
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