U.S. Home Prices Have Increased 2x Faster Than Income Since 2000
ST. LOUIS, Nov. 9, 2023 /PRNewswire/ -- Home prices across the U.S. have soared 162% since 2000, while income has only increased 78%, according to new research from Home Bay, an online publication owned by Clever Real Estate that connects readers with expert real estate advice.
- ST. LOUIS, Nov. 9, 2023 /PRNewswire/ -- Home prices across the U.S. have soared 162% since 2000, while income has only increased 78%, according to new research from Home Bay, an online publication owned by Clever Real Estate that connects readers with expert real estate advice.
- Home prices have increased 2x faster than income since 1985, and 2.1x faster than income since 2000.
- If home prices grew at the same rate as income since 2000, the median U.S. home would cost nearly $294,000 — about 32% less than today's actual price of $433,100.
- Even more, if home prices grew at the same rate as income since 1985, the median home would cost about $262,000 instead of $433,100.