75% of US homes for sale are considered unaffordable for avg. households, making budget clarity essential before touring homes or making offers.
A median-priced home near $435K requires ~$113K in annual income, while median US household income sits near $80K, highlighting the affordability gap for buyers.
Higher mortgage rates, inflation pressure, construction delays, labor shortages, and limited inventory have squeezed purchasing power while keeping buyer competition elevated nationwide.
Financial experts urge buyers to review budgets carefully, including taxes, maintenance, insurance, and monthly payment changes before committing to major purchases now.
Looking ahead, stabilized rates, evolving remote work, demographic shifts, and policy initiatives may reshape demand and expand accessible housing options for buyers.
