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Rising Costs Make Homeownership an Impossible Dream
Maxdailynews
— 27 May
: A Deep Dive into the Housing Crisis
The Escalating Burden of Housing
The median home sale price in the US has surged by nearly 30% since 2019, hitting $420,000.
Homebuyers today need an annual income of more than $100,000 to comfortably afford a home in most places in the US.
Nearly one-third of all households now spend more than a third of their income on housing, the highest level since 2015.
The Impact on Hopeful Homeowners
Just 40.1% of renters expect to ever own a home one day, the smallest share since 2014.
Even homeowners are concerned about rising property taxes and insurance costs.
More than 70% of Americans believe the housing market will only get worse.
Political and Economic Implications
The housing crisis is among the biggest challenges facing President Joe Biden, who has received dismal ratings for his handling of the economy.
Challenger Donald Trump has blamed Mr. Biden for inflation and rising interest rates.
The issue is feeding into wider worries about rising living costs, which have jumped 20% since 2021.
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