Most Americans are far from being able to afford the average house or apartment in 2024’s housing market. The Data: According to data sourced from Redfin, U.S. renters must earn $66,000 to afford a median-priced apartment. A typical renter household only earns $54,712, $11,288 less than the required amount. Renters earn substantially less per year than the average household. The only period of higher rent prices was in 2022. The home market is even more unaffordable. According to data from the New York Times, sourced from Zillow, the annual income needed to buy the median value house is around…
