"Rising Home Prices Require Buyers to Earn $50,000 More Than Pre-Pandemic"

Due to soaring mortgage rates and home prices, prospective homebuyers now need to make about $50,000 more than pre-pandemic to afford a home, with the average income required being $106,000, an 80% increase from January 2020. Wages have not kept pace with housing costs, making it difficult for many to achieve homeownership, especially younger age groups and individuals with lower incomes. As a result, some are turning to "house hacking," or co-buying with friends or family, to afford a home, but this trend comes with its own downsides.