You Need a Six-Figure Income to Get on the Property Ladder
A study from the Harvard Joint Center for Housing Studies shows that a family would need to earn $126,700 a year to afford monthly payments on a median-priced home purchased in 2024, up from $79,300 annually in 2021. This unaffordability of housing for younger buyers has fallen into the lap of landlords, who have seen vacancy rates drop and rents rise.
According to the Journal, the number of renter households in the U.S. has climbed to a record 46 million. Renewal rates have tightened nationwide, according to RentCafe, with nine renters competing for each vacant apartment, and 63.8% of renters renewing their leases, up from 62.4% a year ago.
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