Is the American Dream Out of Reach? Here’s How Much You Need to Make for Median-Priced Home

For decades, part of the American dream has been to own a home. But now, that dream is getting harder and harder to achieve. According to a new report, Americans now need a six-figure salary to afford a median-priced home.

This news is disheartening for many Americans who are already struggling to make ends meet. The cost of living is rising while wages remain stagnant. This perfect storm has made it difficult for many people to save up for a down payment, let alone afford a monthly mortgage payment.

According to The Daily Wire,

As housing prices remain elevated and the monthly mortgage payment on the typical home surges more than 45% since the same time last year to reach $2,682, the annual salary required to afford such a property has increased from $73,668 to $107,281. Average hourly wages have nominally increased 5% over the same period as inflation continues to erode consumer purchasing power.

“High rates are making buyers rethink their priorities, as many of them can no longer afford the home they want in the location they want,” Redfin Agent Chelsea Traylor, who works in Washington, D.C., commented. “If you had a $900,000 budget a few months ago, rising rates mean it’s now around $700,000 — and sellers aren’t dropping their prices enough to make up for the change. So buyers are searching further away from the city in more affordable areas.”

So, what can be done to help make the dream of homeownership more attainable?

The first step is to acknowledge that the problem exists. For too long, the cost of housing has been escalating while wages have remained stagnant. This needs to change. We need policies in place that ensure workers are able to receive a livable wage without infringing upon the rights of the business owners themselves.

I do think that part of the problem actually comes from within the government itself and their theft by taking our tax money. Wages have stagnated largely because of government interference.

The American dream of owning a home is getting harder and harder to achieve, but it’s not impossible…yet.

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