Rising Costs Make Homeownership an Impossible Dream

: A Deep Dive into the Housing Crisis

The Escalating Burden of Housing

• The median home sale price in the US has surged by nearly 30% since 2019, hitting $420,000.
• Homebuyers today need an annual income of more than $100,000 to comfortably afford a home in most places in the US.
• Nearly one-third of all households now spend more than a third of their income on housing, the highest level since 2015.

The Impact on Hopeful Homeowners

• Just 40.1% of renters expect to ever own a home one day, the smallest share since 2014.
• Even homeowners are concerned about rising property taxes and insurance costs.
• More than 70% of Americans believe the housing market will only get worse.

Political and Economic Implications

• The housing crisis is among the biggest challenges facing President Joe Biden, who has received dismal ratings for his handling of the economy.
• Challenger Donald Trump has blamed Mr. Biden for inflation and rising interest rates.
• The issue is feeding into wider worries about rising living costs, which have jumped 20% since 2021.