U.S. housing affordability crisis worsens, buyers struggle to afford

Housing costs in the U.S. are surpassing median incomes, with buyers needing $113,520 annually to afford a typical home. Affordability has worsened since the pandemic, with households falling short by $29,448 in February 2024. The average 30-year fixed mortgage rate hit 8%, contributing to the affordability crisis. Some markets like Detroit offer more affordable housing options for buyers earning less than six figures.