The pace of ultra-luxury deals isn't expected to let up anytime soon
Meanwhile...
A Reality Check for the American Dream: Who Can Afford a Home Right Now?
www.realtor.com
... Homeownership has long been a cornerstone of the American dream. But with prices and mortgage rates high, first-time buyers are struggling to achieve it. Also, scores of existing homeowners are realizing they can't afford to move.[emphasis mine]
All of this begs the question: Can the middle class still achieve the American dream, or is the dream now reserved for those in higher tax brackets? ...
@#3 ... Absolutely. You just have to define "Middle Class" as someone that can afford a $500,000 home. ...
Charted: U.S. Median House Prices vs. Income (February 2024)
www.visualcapitalist.com
... Houses in America Now Cost Six Times the Median Income
As of 2023, an American household hoping to buy a median-priced home, needs to make at least $100,000 a year. In some cities, they need to make nearly 3"4x that amount.
The median household income in the country is currently well below that $100,000 threshold. To look at the trends between median incomes and median house prices through the years, we charted their movement using the following datasets data from the Federal Reserve:
...
Excellent chart in the article comparing the slow rise of median income vs the soaring rise of buying a house.
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