NBC News - Can a median-income household afford an average-priced home in the U.S.? That was the question NBC News’ data/graphics team sought to answer as part of its ongoing coverage of America's challenging housing market. For a growing part of the country, the answer is “no.” Cost, scarcity, competition and economic instability are the four factors tracked in NBC News' Home Buyer Index, with cost contributing the most to the difficulty homebuyers face. In our new story, we dive into how the affordability gap is creating “an impossible market.” ... Just five years ago, median-income households could afford median-priced homes in 94% of U.S. counties. As of April, that number has sunk to just 63%.
1 comment:
A median income household shouldn't necessarily be able to afford an average-priced home. That would make no sense. The answer should be "no".
The median income is calculated using a bunch of people who have no interest in buying houses e.g. students, young single people, people who have moved to a new city and aren't yet ready to buy, older people on social security who are going to rent all their lives, older people who own a house and who are retired with lower incomes etc etc.
Just like renters don't understand how stupid rent control is, and how it restricts the addition of new housing making rent higher; so to do NIMBYS ignore how not building enough housing makes the prices more expensive for their kids.
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