New data from the National Housing Conference (NHC), a broad coalition of affordable housing stakeholders, has found that the nation’s housing affordability crisis continues to escalate.
Its Paycheck to Paycheck database, which examines wage data and housing costs for 150 occupations across 390 metropolitan areas, finds that the income needed to purchase a typically priced home increased in 96% of the tracked homeownership markets year over year in June. In addition, the average cost of a two-bedroom rental rose by 10% or more in over half of the markets studied.
“By comparing wage data with housing costs, our Paycheck to Paycheck database demonstrates the stark reality of the affordability crisis faced by many Americans,” said NHC president and CEO David M. Dworkin. “While nominal wage increases have been observed in response to higher labor costs, soaring levels of inflation have significantly eroded those gains. As both housing and rental prices skyrocket, the dream of a decent home is slipping out of reach for far too many hardworking individuals and families.”
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