The American Dream might be out of reach for a lot of Americans, if recent research is to be believed. In the third quarter of the year, a median-priced home is out of reach for home buyers in 84% of the counties in the country, according to the Home Affordability Report. The report also indicated that many of the people surveyed lived in places where they needed a household income of at least $100,000 to afford a median-priced home.
This data points to the fact that we have reached the affordability peak, where something has to give. Either prices for homes have to come down, or salaries have to rise more quickly to balance them out. Nationally, home affordability fell to its lowest level in the past decade, and home prices rose at a faster rate than wages in 86% of counties. Some of the most expensive counties in the country include Denver County, Arapahoe County, Tarrant County, TX, and Lings County, NY.