With rising prices and economic uncertainty, it has become very difficult to afford a new house, even in the United States.
As per The Ringer, this is the worst time to buy a house in 40 years, as housing prices are at record highs and so are rents in the US.
According to a new report by Bankrate, there are only 14 United States states where residents who earn less than $75,000 can afford a median-priced home.
This number dropped from 36 in just four years, showing how rising home prices have affected house ownership.
To afford a home in California, you'd need to make $197,057 to afford a median-priced residence.
The median income needed to afford a home in the US overall is $110,871 — up from $76,191 in 2020.
Buying your own house can be an exciting and emotional process that involves many factors such as locations and budgets, among others.
While these states may have cheap properties, they also have higher rates of poverty and fewer high-paying jobs compared to the rest of the country. Many of the states are among the poorest in the US.
PM Shehbaz reaffirms commitment to transform agriculture sector, terming it essential for sustainable growth
Li Chenggang, ex-assistant commerce minister during first Trump administration, replaces veteran Wang Shouwen
Beijing also asks Chinese carriers to halt purchases of US aircraft parts and equipment
Savings from petrol price will be used to dualize N-25, says premier
Upgrade comes as Islamabad looks to maintain momentum following agreement with IMF to review $7bn EFF
KSE-100 Index climbs by 385.47 points, or 0.33%, to close at 116,775.50.
