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Income required to afford a median-priced home has almost doubled since 2020, report finds

The income needed to afford a median-priced home in the U.S. has nearly doubled since 2020. National median single-family home prices reached five times the median household income in 2024. This ratio is significantly higher than the 3.2 measured during the 1990s.

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What changed

New data specifies the 2024 price-to-income ratio and provides historical comparisons to the 1990s and 2019.

Live updates

  1. Income Required for Median-Priced U.S. Home Nearly Doubled Since 2020

    The income needed to afford a median-priced home in the U.S. has nearly doubled since 2020. National median single-family home prices reached five times the median household income in 2024. This ratio is significantly higher than the 3.2 measured during the 1990s.

    What's confirmed:

    • The income needed to afford a median-priced home in the U.S. has nearly doubled since 2020.
    • Existing home prices increased about 54% between 2020 and the report date.
    • The national median single-family home price grew to five times the median household income in 2024.
    • The 2024 price-to-income ratio is higher than the 4.1 recorded in 2019 and the 3.2 measured throughout the 1990s.

    Still unconfirmed:

    • A U.S. household now needs to earn $114,000 annually to afford a median-priced home.
    • Americans need to earn 70.1% more today than six years ago to afford a median-priced home.
    • Homebuyers need to earn 80% more than they did in 2020 to afford a home.
    confidence 90%

  2. Income for Median-Priced U.S. Home Nearly Doubled Since 2020

    A Harvard Joint Center for Housing Studies report indicates that high costs are suppressing demand and keeping housing activity subdued. Buyers now need significantly more income to afford a median-priced home compared to 2020 levels. This affordability stress is limiting household growth and pushing more people toward rentals.

    What's confirmed:

    • The income needed to afford a median-priced U.S. home has nearly doubled since 2020.
    • Harvard's Joint Center for Housing Studies reports that buyers need $120,000 in income to afford a median-priced home.
    • The income required for a median-priced home in 2020 was $66,000.
    • Existing home prices have jumped 54% since 2020.
    • 30-year fixed mortgage rates are above 6%.
    • Price-to-income ratios for homes are roughly five times the median income.
    • High costs have left U.S. housing activity subdued through the first part of the year.

    Still unconfirmed:

    • Existing home sales are near a three-decade low.
    confidence 95%