Home Prices Skyrocket 47% Since 2020, Five Times the Median Household Income, Making Ownership Out of Reach for Many from iyothikangladeshi video high school student Watch Video
Preview(s): Play Video: (Note: The default playback of the video is HD VERSION. If your browser is buffering the video slowly, please play the REGULAR MP4 VERSION or Open The Video below for better experience. Thank you!)
Your browser does not support playing the video.Please download the video!
⏲ Duration: 0:49 👁 View: 6.2M times ✓ Published: 21-Jun-2024
Description: Home prices have increased by 47% since early 2020, reaching a median price roughly five times the median household income last year, according to a report by the Harvard Joint Center for Housing Studies. This rise, coupled with high mortgage rates, has made homeownership increasingly unattainable for many, affecting nearly half of metro areas where buyers need over $100,000 to afford a median-priced home. The situation has also worsened racial disparities in homeownership, with only a small percentage of Black and Hispanic renters able to afford median home prices. The rental market has seen rising prices, driven by high demand and a significant housing shortage.