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Housing affordability in the US improves marginally in 2024 but remains elusive for many

Housing affordability in the US improves marginally in 2024 but remains elusive for many

Posted on January 7, 2025   |  

In 2024, households earning the median US income of $83,782 spent 41.8% of their income on monthly housing costs for a typical home priced at $429,734.

This is a small improvement from 42.2% in 2023, but still much higher than the 30% standard seen in the 2010s.

Buyers in 2024 needed an annual income of $116,782 to keep housing costs within 30% of their earnings, which is $33,000 more than the median income.

The average monthly housing payment reached a record $2,920 in 2024, up 4.3% from 2023 and 86% higher than in 2019.

Wages grew by about 4% in 2024, which did not keep up with rising housing costs.

A slight drop in mortgage rates to 6.72% from 6.81% in 2023 offered minor relief in affordability.

2024 marks the fourth year in a row where the income needed for affordable housing was higher than the median income.



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