A U.S. household now needs to earn $114,000 annually to afford a median-priced home. That’s up 70.1 percent from $67,000 only six years ago according to the Realtor.com April Housing Trends Report. While buying a home has become significantly more expensive, there are optimistic signs that today’s market is slowly shifting in buyers’ favor. Inventory is climbing, more sellers are adjusting their prices, and buyers are beginning to gain a bit more leverage in the market.
“Even with today’s affordability hurdles, meaningful changes in the market could give buyers a better shot at finding a home,” said Danielle Hale, chief economist at Realtor.com. “The number of homes for sale is rising in many markets, giving shoppers more choices than they’ve had in years. Sellers are becoming more flexible on pricing, underscored by the price reductions we’re seeing, and while higher mortgage rates are certainl
