"Rising Home Prices: The Growing Affordability Crisis Across the U.S."

A study shows that homes in nearly half of the 50 states now require a six-figure salary to afford, marking a significant increase since Biden took office. The median price for a home is $402,343, requiring an annual income of $110,871, a 46% increase from January 2020. Factors such as limited housing supply, rising home prices outpacing wage growth, and elevated mortgage rates contribute to the affordability crisis. Housing affordability is expected to be a key issue for voters in the 2024 presidential election, prompting Biden to unveil initiatives aimed at improving affordability, including tax credits for first-time homebuyers and efforts to build and renovate more homes.