How It Started... How It's Going: Homes have become less affordable since Biden took office

foxbusiness.com:

FOX Business' Gerri Willis reports on the increased costs of homeownership over the last four years.

Homes in the United States have become increasingly unaffordable during President Biden’s term in office, with one study showing that buyers in nearly half of the 50 states needed a six-figure salary to afford a median-priced home in January.

While the Biden administration touts how it has «made progress» toward delivering the reality of homeownership for Americans nationwide, it also acknowledges that housing costs are still too high for many potential homeowners, calling it an «inherited» issue.

As Biden nears the end of his term, however, a study by Bankrate shows that the number of states that require a six-figure salary to own a median-priced home has increased from six, plus Washington, D.C., in January 2020 – a full year before Biden took office – to 22 states plus the nation’s capital in January 2024. The study listed a median-priced home at $402,343 per real-estate brokerage Redfin.

To afford such a home, aspiring homeowners must earn $110,871 annually, a 46% increase from January 2020, according to the report.

REAL ESTATE GRAPPLES WITH AFFORDABILITY CRISIS AS ASPIRING HOMEOWNERS STIFLED BY COST OF LIVING, LOW INCOMES

The number of states where six-figure salaries are needed to afford a median-priced home increased from six in January 2020 to 23 in January 2024. (Fox News / Fox News)

«Affordability is the biggest issue – finding a home that’s in your budget,» said Bankrate housing market analyst Jeff Ostrowski. «The higher the price of a home, the harder it is to come up with the down payment or to qualify for the monthly payment.»

The annual earnings required to afford a median-priced home, which Bankrate