Here’s What You Need to Earn to Own A Home in 50 American Cities
24th October 2023
Once a fundamental part of the American dream, the ability to own a home is drifting farther and farther away for many Americans.
But, as Visual Capitalist’s Pallavi Rao details below, between skyrocketing prices, stagnating wages, and now rising interest rates, the deck seems to be increasingly stacked against home ownership.
Using May 2023 data tabulated by Home Sweet Home, we map out the annual salary needed to afford a 30-year mortgage (at 6.37%) to buy a home in America’s 50 most populous metropolitan areas.
Needless to say, all of these cities are run by Democrats. Of course, if you don’t insist on living in a (Democrat-run) city, prices are much more ‘affordable’ (whatever that means).