"Rising Home Prices Require Homebuyers to Earn $50,000 More Post-Pandemic"

Due to skyrocketing mortgage rates and home prices, prospective homebuyers now need to make about $50,000 more than pre-pandemic to afford a home comfortably, according to a Zillow report. The average income required to afford a home has risen to $106,000, which is 80% more than in January 2020. Wages have not kept pace with housing costs, making it increasingly difficult for many Americans to achieve homeownership. As a result, some individuals are turning to "house hacking" or co-buying with friends or family to mitigate costs, but this approach may have long-term downsides.