The growing gap between incomes and rising home prices has been challenging the housing market for decades. Since 2000, the median household income in the U.S. increased from $41,990 to $80,610, or by 92%, according to Construction Coverage. However, at the same time, median home prices have nearly tripled from $122,775 to $339,937. Home prices are climbing across the U.S., but in some states, the gap between home prices and incomes is much more obvious. In New Hampshire, for instance, the median home price has grown by 67.3% over the past five years. Maine, Connecticut, and Rhode Island follow closely behind, with price increases all over 57% during the same period.
Meanwhile, states in the Mountain West and South Atlantic regions are not far behind. Montana and Idaho have both seen home prices rise by more than 56%, while Southern states like North Carolina, Georgia, Florida, and Tennessee have posted similarly steep gains. Read more
