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This is the best summary I could come up with:
Now, Americans must earn roughly $106,500 in order to comfortably afford a typical home, a significant increase from the $59,000 annual household income that put homeownership within reach for families in 2020, according to new research from digital real estate company Zillow.
Home ownership is commonly considered affordable if a buyer spends no more than 30% of their pre-tax income on housing costs, including mortgage payments, which at the time of the study, was around 6.6%.
Data from real estate investing platform Arrived shows that not even higher income earners — defined as those in the top 30% — can comfortably afford to buy a home in the larger U.S. metro areas, regardless of their age.
“Housing costs have soared over the past four years as drastic hikes in home prices, mortgage rates and rent growth far outpaced wage gains,” said Orphe Divounguy, a senior economist at Zillow in a note on the report.
“Mortgage rates easing down has helped some, but the key to improving affordability long term is to build more homes,” Divounguy said.
Some of the more affordable cities in which to plant roots include Pittsburgh, where an income of roughly $58,200 is sufficient to buy a home without breaking the bank.
The original article contains 549 words, the summary contains 204 words. Saved 63%. I’m a bot and I’m open source!
Homes are more affordably in these cities
Folks I think the news isn’t feeling well. This is a bold subheading in the article. What happened to their editors?
And if you live in California, good luck. $106k/yr ain’t buying a home here.
I think there are MANY places it’s not buying a typical home. IANARealEstateExpert but I would bet there are specific areas of the country with a very depressed housing market that are bringing the average down by a bit.
Or almost anywhere in New England that’s not overrun with meth and violence. And, even then sometimes…
I was making like 50k in 2020. Now I’m making like 67k. FML.
It’s 80% more expensive to be able to afford a home compared to 2020
I got a 3% raise this year. They called it a “cost of living” raise. My ass.
So in 4 years of Bidens presidency home cost went up 80%. And Dems think that their middle class base who is impacted by this the most will come out and vote for them again.
Interesting strategy. Let’s see how it plays out
I know inflation is 100% the Democrats and Joe Biden’s fault so I’m voting Republican up and down the ballot. Maybe a full blown red wave and giving Republicans complete control of the government will teach Democrats the lesson and teach them to keep inflation under control.
If the economy struggles during a Democrat’s presidency, you should probably check the policies the Republican before them pushed through before jumping to blame them.
These types of policies can take years for the full impact to be felt.
What about the genocide going on right now in Isreal, is that the result of a Republican policy too? Did Trump force Biden to continue to provide bombs and bullets that are being used to slaughter thousands upon thousands of innocent Paleistinians?
Also I find it super interesting that Republicans have so much power and Democrats don’t. I find it super neat that Republics have power during their terms, but they also apparently have equal if not greater power when the Dems have a term too. Fascinating stuff this “democracy”
If you have a criticism of the Democrats you should probably do a bunch of gymnastics to absolve them of any duty to help the public and then vote for them blindly forever.
Great having two neolib parties, isn’t it?
That’s what Democracy is, having 2 dudes who are different only in the most inconsequential ways imaginable to choose from.
Exactly, we need to elect Republicans to every office. There’s no difference between Republicans and Democrats so if we consistently elect far right Republicans then the Democrats will have to start running true liberal candidates if they want to compete.
Everything takes a decade to actually take effect and accomplish anything notable.
On an unrelated note, political control swings wildly on a pendulum between two parties, one of which dismantles anything good ever and the other of which stands by and lets them do it while ensuring that bad things continue unobstructed so they can hurt more people.
This is a good and functional system, and should not be immediately burned to the ground. I am very smart.
Most of us know that this is the impact of lowering interest rates to fucking zero for so long would have; there would come a time for market correction for one reason or another (we got a goddamn pandemic, yay) and now that it had to be done we got a nice hyperinflation bubble.
We screamed about this for four fucking years of Trump, these moves are shortsighted, these moves will destroy us later down the line; same with the expiring tax cuts, same with the immigration policies and “Muslim bans”, same with the moving the embassy to Jerusalem.
But no, we’re just “butthurt libs who can’t see how GREAT we are”
MAGA just HAD to huff their own farts so goddamn hard and now look they’ve fucking blown it. Biden sucks for a lot of reasons but let’s not go blaming him for the blowback from four years of economic and foreign policy naïveté.
Your memory might be too short but I was fuckin there. Told you so.
Do you remember trump pressuring the fed (already not usually done) to keep interest rates close to 0 BEFORE covid hit?
And then we hit covid, when it actually would’ve been nice to be able to lower interest to spark the economy and wouldn’t you know, it was already too low.
16% inflation
I love how all of these articles are about “create more supply!” instead of regulate corporations buying up all of the properties. You can watch the lack of supply correlate to when airbnb’s and rentals started to be investments for corporations. Price fixing is also a huge part of it. If rentals are unnaturally high, how are people supposed to save to buy?
https://www.propublica.org/article/yieldstar-rent-increase-realpage-rent
https://mynorthwest.com/3942070/checks-out-washington-households-price-fixing-settlement/
Cost of building a house has also like doubled. Makes it hard to build even more homes for a good price if you wanted to.
according to new research from digital real estate company Zillow
You don’t say ZILLOW… YOU DONT SAY. I wonder how that could have happened, you wouldn’t happen to know do you, ZILLOW? It couldn’t have anything to do with investment firms, like… Let me check my notes here… ZILLOW buying up huge swaths of the housing stock could it now?
There are plenty of great affordable houses in vibrant, economically prosperous, almost-urban communities out there. Like this one https://maps.app.goo.gl/r42MN8wXEYVNwqzVA . So maybe it’ll need a fix or two, but you’ll own the libs by not having any homeless or drug users around, unless that describes you. You’ll enjoy the several functioning roads (in season) and a well-maintained railroad - hopping a freight has never been more convenient. Drop by anytime, but don’t delay, this one won’t last!
I wonder. why was Zillow referenced so often in this piece?
They’re a huge real-estate company with tons of data, so a lot of time reports use them.
Homes are no longer meant to be owned by individual buyers. They’re meant to be accessible only to investors to then rent out to the people who ordinarily would be buying them.
Compare that to 1960, when mi9nimum wage was $1.00/hour and the average house was $11,000.00.
