"US Home Prices Soar Beyond Paychecks Amid Housing Shortage"

Homeownership is becoming increasingly unattainable for many Americans due to soaring home prices and high mortgage rates. Since 2020, home prices have surged by over 47%, with median home sales prices now about five times the median household income. Nearly half of U.S. metro areas require an annual income of over $100,000 to afford a median-priced home. The affordability crisis is driven by a shortage of homes, high construction costs, and elevated mortgage rates, which are expected to remain high through 2024.