Owning a home is a key part of the iconic American dream, but when housing costs go up—and wage levels do not— that makes it hard to do.
A new study from QuoteWizard by LendingTree finds that the imbalance today is real. Over the past 10 years, the median price of a home has increased 70% to $129,000 while the median income has only risen 30% to $14,695.
The states with the biggest gaps are:
- Nevada: 118.8 percentage points or $275,724
- Idaho: 118.6 percentage points or $298,001
- Arizona: 99.3 percentage points or $256,945
If buying a home is important to you, consider developing a taste for cheesecake, Bobbie sandwiches, or gumbo, because in New York, Delaware, and Louisiana, income increased more than housing costs did.
For its study, QuoteWizard by LendingTree analyzed data from Zillow and the U.S. Census.