• Most US Households Can't Afford a Median-Priced Home

    Builder Group Says Housing Affordability Crunch Leaves More Property Out of Reach

    The National Association of Home Builders said nearly 30% of all U.S. households, or 39 million, cannot afford a home priced over $150,000 without exceeding one-third of their total household income.

    Another 25.8 million households are unable to afford more than $250,000. So combined, 64.8 million — or nearly 50% — of the 132.5 million U.S. households can only pay up to $250,000 for a home.

    But the median U.S. home actually costs far more, at almost $426,000. And 70%, or more than 93 million of all households, cannot afford that amount based on their current household income, according to the trade group, indicating steady demand for apartments.

    Source: www.CoStar.com

  • Elgin Development Group
    A Division of the Elgin Area Chamber

    31 S. Grove Avenue, Elgin IL 60120