"Middle-income buyers struggle to find affordable homes in today's market"

Over 75% of homes on the US housing market are too expensive for middle-income buyers, with buyers earning up to $75,000 only able to afford 23% of properties listed for sale, according to a report from the National Association of Realtors and Realtor.com. The shortage of housing supply, elevated mortgage rates, and low inventory have contributed to the affordability crisis, with the housing market missing around 320,000 homes priced at or below $256,000. The US housing market has slowed in 2021, with high mortgage rates sidelining both buyers and sellers, resulting in an inventory shortage that could last for several years.