Americans need six-figure salaries to afford a house in most cities, new economics report shows [Video]

Americans need to earn nearly $108,000 a year to afford a single-family home in most cities now, according to a new economics report.

Oxford Economics revealed this week that a household in 2024 needs an average annual income of $107,700 to afford a new single-family home, including property taxes and home insurance. This number was nearly twice the cost it was five years ago in 2019, at only $56,800.

The report added that only 36% of households earned enough to buy a home last quarter, a sharp decrease from the 59% of households that could afford one in 2019.

HIGH HOUSING COSTS HITTING RECORD HIGHS, HARVARD UNIVERSITY REPORT SAYS

“Housing affordability has dropped significantly over the last five years in every major metro as house prices soared and mortgage rates nearly doubled,” the report summarized.

The least affordable cities included San Jose, San Francisco, Los Angeles, San Diego and Honolulu, where less than 15% of …