Unaffordable housing

For most, housing represents the largest component of family budgets, and it is taking an expanding share of that wallet.  In April, the Case Shiller US National Home Price Index rose 6.3% year on year and home prices are currently 47% higher than in early 2020.  The median home sale prices in the US is now 4.9 times the median household income, compared to 3.9 times in 2019 and 2.7 times in the early 1990s.  Accordin the Chapman Univesity, 2024 Demographia International Housing Affordability report, the least affordable housing market is Hong Kong where the median home price is 16.7 times median income, and the most affordable market is Pittsburgh at 3.1 times.

Source: Chapman University, Center for Demographics and Policy, June 2024