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The dream of owning a home is becoming more challenging for many Americans, highlighted by the sharp rise in mortgage rates and the continual climb of home prices. A typical homebuyer now needs an income of $114,627 to afford a median-priced home in the U.S., a 15% ($15,285) increase from a year ago and a 50% jump since the start of the pandemic, according to Redfin data. This situation is particularly tough for first-time buyers who are facing the highest income requirement on record to secure
It many be hard to believe it while money is so tight amid the cost of living crisis, but the average American household has achieved millionaire status.