Homeownership now requires six-figure income in much of the U.S.

The housing affordability crisis in the U.S. seems especially grim according to new studies by the National Housing Conference (NHC) and Redfin.

Last year, 176 metropolitan statistical areas (MSAs)required a six-figure income to buy a typically priced home with a 10% down payment, up from 30 MSAs in 2019, according to an NHC report. In 125 MSAs, the income needed to purchase a home has doubled or more since 2019.

Some 47% of tracked occupations don’t offer high enough salaries to afford a two-bedroom apartment, up from 38% in 2019. In 32 MSAs, the salary needed to rent exceeds $75,000.
Young Americans struggle to afford regular housing payments, with 79% of Gen Z and Millennial renters and 41% of homeowners in those generations saying they have difficulty managing housing expenses, according to a Redfin report. Although older Americans are less likely to struggle, more than half of baby boomer renters and more than two-thirds of Gen X renters said they have difficulty making their regular housing payments.