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Data Show Most Americans Are Struggling to Afford a Home

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Affordability

Data Show Most Americans Are Struggling to Afford a Home

40.5 million households can only afford to purchase a $150,000 home


May 14, 2024
Most American households are struggling to afford starter homes like this one.
Image: Brett / stock.adobe.com

As wages stagnate and housing prices climb, Americans are struggling to purchase homes. According to the National Association of Home Builders (NAHB), 103.5 million households are unable to afford a median priced home. Additionally, 106,031 households would be priced out if costs were to go up by $1,000. To determine how much Americans at varying pay scales can afford, NAHB created an affordability pyramid, which shows the majority of households can only afford a $150,000 home. 

Of the remaining households who can afford a home priced at $150,000, 26.1 million can only afford to pay a top price of somewhere between $150,000 and $250,000 (the second step on the pyramid). Each step represents a maximum affordable price range for fewer and fewer households. Housing affordability is a great concern for households with annual income at the lower end of the distribution.

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