Home prices have increased by 47% since early 2020, reaching a median price roughly five times the median household income last year, according to a report by the Harvard Joint Center for Housing Studies. This rise, coupled with high mortgage rates, has made homeownership increasingly unattainable for many, affecting nearly half of metro areas where buyers need over $100,000 to afford a median-priced home. The situation has also worsened racial disparities in homeownership, with only a small percentage of Black and Hispanic renters able to afford median home prices. The rental market has seen rising prices, driven by high demand and a significant housing shortage.
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00:00It's Benzinga, and here's what's on the block.
00:02Home prices have increased by 47% since early 2020,
00:06reaching a median price roughly five times the previous household income last year.
00:11According to a report by the Harvard Joint Center for Housing Studies,
00:15this rise, coupled with the high mortgage rates, has made home ownership increasingly unattainable
00:20for many, impacting nearly half of metro areas where buyers need over $100,000
00:26to afford a median-priced home.
00:28The situation also worsened for racial disparities in ownership of homes,
00:32with a small percentage of Black and Hispanic renters able to afford medium home prices.
00:38The rental market has been seeing rising prices driven by high demand
00:42and a significant housing shortage.