A home waiting for a buyer in Washington on May 19, 2025. Madalina Vasiliu/The Epoch TimesHomeownership is now considered a “luxury” in most of America’s largest cities due to a shortage of homes for sale, high property prices, and elevated mortgage rates, consumer services company Bankrate said in a Dec. 8 analysis report.A typical household, which earns nearly $80,000 per year, is far short of the $113,000 required to afford a median-priced home worth $435,000 as of July, the report said. In some cities, buyers must now have more than $200,000 to afford the median-priced home.
Homeownership Has Become a Luxury in Many US Cities: Report
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