The rising cost of homeownership has become a major concern in recent times, fueled further by the economic policies pursued by President Biden's administration.

Economic data suggests that 'Bidenomics' is exacerbating the situation, making it increasingly challenging for Americans to afford a house. According to the UK's Daily Mail, the Average American now needs to earn an eye-watering $115,000 annually to purchase a median-sized home, compared to $99,342 last year.

Redfin, a real estate company, reveals that prospective homebuyers need a salary of $114,627, a 15 percent increase from the previous year and a staggering 50 percent rise since the start of the pandemic.

The current income requirement for buying a house exceeds the average household income by about $40,000. As per the most recent US Census Bureau data available, the average worker's salary stood at $75,000 in 2022.

While hourly wages have seen a 5 percent hike over the past year, this increase is insufficient to keep up with the surging housing costs. Not only are housing prices rising substantially year over year, but the availability of affordable housing is also diminishing significantly.

Data from Redfin indicates that the median sale price of a US home in August was around $420,000, showing a 3 percent increase from the previous year. This figure falls just short of the all-time high reached in mid-2022.

The rising cost of homeownership has become a major concern in recent times, fueled further by the economic policies pursued by President Biden's administration.
Economic data suggests that 'Bidenomics' is exacerbating the situation, making it increasingly challenging for Americans to afford a house. According to the UK's Daily Mail, the Average American now needs to earn an eye-watering $115,000 annually to purchase a median-sized home, compared to $99,342 last year.
Redfin, a real estate company, reveals that prospective homebuyers need a salary of $114,627, a 15 percent increase from the previous year and a staggering 50 percent rise since the start of the pandemic.
The current income requirement for buying a house exceeds the average household income by about $40,000. As per the most recent US Census Bureau data available, the average worker's salary stood at $75,000 in 2022.
While hourly wages have seen a 5 percent hike over the past year, this increase is insufficient to keep up with the surging housing costs. Not only are housing prices rising substantially year over year, but the availability of affordable housing is also diminishing significantly.
Data from Redfin indicates that the median sale price of a US home in August was around $420,000, showing a 3 percent increase from the previous year. This figure falls just short of the all-time high reached in mid-2022.

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