Homes in the United States have become increasingly unaffordable during President Biden’s term in office, with one study showing that buyers in nearly half of the 50 states needed a six-figure salary to afford a median-priced home in January.
While the Biden administration touts how it has "made progress" toward delivering the reality of homeownership for Americans nationwide, it also acknowledges that housing costs are still too high for many potential homeowners, calling it an "inherited" issue.
As Biden nears the end of his term, however, a study by Bankrate shows that the number of states that require a six-figure salary to own a median-priced home has increased from six, plus Washington, D.C., in January 2020 – a full year before Biden took office – to 22 states plus the nation’s capital in January 2024. The study listed a median-priced home at $402,343 per real-estate brokerage Redfin.
To afford such a home, aspiring homeowners must earn $110,871 annually, a 46% increase from January 2020, according to the report.
