#842 - During The Pandemic, Home Prices Have Shot Up Nearly Nationwide While Household Income Fell

During the Covid pandemic, home prices have shot up nearly nationwide while household income fell.

As a result, homeownership became out of reach for many would-be buyers.

However, affordability was a growing problem well before 2020 and the start of the pandemic.

In the last decade, the median home price rose roughly 30% and incomes crept up just 11% over the same time period, according to a Bankrate analysis of data from the National Association of Home Builders/Wells Fargo Housing Opportunity Index.

Over 50 years, the difference is even more striking. After accounting for inflation, home prices have jumped 118% since 1965, while income has only increased by 15%, according to a separate report by online brokerage Clever Real Estate, based on Census data.

Join your host Sean Reynolds, owner of Summit Properties NW, and Reynolds & Kline Appraisal as he takes a look at this developing topic.

https://www.cnbc.com/2021/11/10/home-prices-are-now-rising-much-faster-than-incomes-studies-show.html

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