Buying a home in the United States has never been more expensive. According to new data, the average household now needs to earn about $114,000 a year to afford a median-priced home — a 70% increase from 2019, when the threshold was just $67,000.
This dramatic spike is being driven by a perfect storm: home prices have soared, mortgage rates are hovering near 7%, and wage growth has failed to keep up.
As a result, a growing number of young adults are turning to renting—not by choice, but by necessity. The numbers tell a clear story: owning a home is becoming less attainable for first-time buyers, and the gap between what people earn and what they need to buy a house is wider than ever.
Even with a solid income, the combination of high prices and steep interest rates means that saving for a down payment, qualifying for a loan and covering monthly payments is out of reach.
For now, many young adults are pressing pause on homeownership and rethinking what “making it” really means. Maybe the real dream is just finding a place you can actually afford—and a little peace of mind along with it.
