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Buying a home is harder in these 3 states where income has been stagnant

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.

Buying a home is harder in these 3 states where income has been stagnant
[Photo: DarkmoonArt_de/Pixabay]
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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.

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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.

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For its study, QuoteWizard by LendingTree analyzed data from Zillow and the U.S. Census.