Home and rent prices are rising much faster than incomes, creating a cost barrier in every region of the country – except the Midwest.
By Mary Salmonsen | Builder
In “A Timeline of Affordability: How Have Home Prices and Household Incomes Changed Since 1960?” Clever Real Estate summer associate Eylul Tekin has examined Census data from 1960 to 2017 on home prices, rents, and household income to determine how the attainability of single-family home ownership has changed over time in America.
With this data adjusted for inflation, Tekin has found that while median home prices have risen 121% nationwide since 1960, the median household income has only risen 29%. At the same time, median gross rent has risen by 72%, or more than twice the growth of adjusted incomes.
