Housing Costs are Rising Far Faster than Income

b"SEATTLE, April 19, 2021 /PRNewswire/ -- QuoteWizard , a LendingTree company, and one of the nation's leading online insurance marketplaces released a new report on the increase in U.S. housing costs.

Metadata

Provider:

PR Newswire

Retrieved on:

Monday, April 19, 2021

Information

Tags:

Economic inequality, Affordable housing

Geotags:

WASHINGTON, ARIZONA, NEVADA, DELAWARE, IDAHO, NEW YORK, LOUISIANA

Organisation:

QUOTEWIZARD, LENDINGTREE

Website:

http://quotewizard.com

Summary

Key Points:

b"SEATTLE, April 19, 2021 /PRNewswire/ -- QuoteWizard , a LendingTree company, and one of the nation's leading online insurance marketplaces released a new report on the increase in U.S. housing costs.
These rising costs are making even the average american home more unaffordable.
Our team of industry analysts found that over the last decade, the median price of a home is up nearly 70%.
The median income, however, is up less than 30% over the same time period.\nNevada, Idaho and Arizona have the largest disparities between housing costs and income.\nLouisiana, Delaware and New York are the only states that saw wages rise faster than housing costs.\nMedian home prices increased from $33,000 to $330,000.\nMedian income increased from $5,000 to $27,000.\nSee the full report here: https://quotewizard.com/news/posts/americas-unaffordable-housing-costs\n"

Housing Costs are Rising Far Faster than Income

SEATTLE, April 19, 2021 /PRNewswire/ -- QuoteWizard®, a LendingTree company, and one of the nation's leading online insurance marketplaces released a new report on the increase in U.S. housing costs. These rising costs are making even the average american home more unaffordable. Our team of industry analysts found that over the last decade, the median price of a home is up nearly 70%. The median income, however, is up less than 30% over the same time period.

Key findings:

Nevada, Idaho and Arizona have the largest disparities between housing costs and income.
Louisiana, Delaware and New York are the only states that saw wages rise faster than housing costs.
Median home prices increased from $33,000 to $330,000.
Median income increased from $5,000 to $27,000.

See the full report here: https://quotewizard.com/news/posts/americas-unaffordable-housing-costs

Housing vs. income
Rank	State	Change in median income since 2012 (%)	Change in median home price since 2012 (%)	Difference between median income and home price in percentage points	Difference between increase in housing costs and increase in wages ($)
1	Nevada	31.6	150.4	118.8	275,724
2	Idaho	27.3	145.9	118.6	298,001
3	Arizona	31.9	131.2	99.3	256,945
4	Washington	26.5	116.3	89.8	399,313
5	Michigan	19.1	102.3	83.1	136,416
6	Utah	29.9	109.2	79.3	332,220
7	Florida	28.7	99.3	70.6	213,723
8	Oregon	29.5	99.5	70.0	341,942
9	California	41.1	108.2	67.1	554,560
10	Colorado	34.7	100.4	65.7	371,873
11	Georgia	28.8	88.4	59.6	166,020
12	Minnesota	20.7	74.8	54.1	210,407
13	Texas	23.3	74.0	50.7	163,966
14	New Hampshire	14.9	61.0	46.0	260,067
15	Nebraska	19.2	59.8	40.6	132,771
16	Missouri	15.4	52.5	37.1	125,591
17	Tennessee	30.4	65.6	35.2	155,929
18	Wisconsin	20.9	55.4	34.5	151,832
19	Montana	26.8	60.8	34.0	270,847
20	Maine	19.9	53.0	33.1	221,076
21	Indiana	24.8	54.0	29.2	116,397
22	South Dakota	20.5	49.4	28.9	170,467
23	Rhode Island	26.9	55.7	28.7	272,831
24	Oklahoma	12.5	38.8	26.4	88,551
25	North Dakota	15.8	42.0	26.2	175,423
26	Massachusetts	34.9	59.8	24.9	395,157
27	Wyoming	13.0	35.6	22.5	197,997
28	Ohio	32.2	54.5	22.4	111,358
29	New Mexico	19.6	41.5	21.8	180,055
30	South Carolina	26.6	47.9	21.3	153,773
31	Iowa	15.4	36.4	21.0	99,309
32	Kentucky	27.3	47.3	20.0	109,705
33	Alabama	19.0	38.8	19.8	109,266
34	Kansas	24.2	43.2	19.1	106,913
35	Virginia	18.3	37.0	18.7	234,544
36	Maryland	20.7	37.8	17.1	259,262
37	North Carolina	38.0	54.0	16.0	173,659
38	Pennsylvania	22.3	38.2	15.9	153,537
39	West Virginia	12.2	27.0	14.8	64,150
40	Arkansas	25.5	39.2	13.8	93,048
41	Vermont	13.3	24.0	10.7	215,999
42	Illinois	33.7	40.3	6.5	153,813
43	New Jersey	28.6	32.2	3.6	296,249
44	Mississippi	25.0	28.6	3.6	89,208
45	Hawaii	47.7	47.9	0.2	605,898
46	Connecticut	22.7	22.5	-0.2	215,167
47	Alaska	18.6	16.1	-2.4	212,537
48	Louisiana	30.7	22.4	-8.2	128,927
49	Delaware	43.3	33.2	-10.1	214,824
50	New York	51.2	40.1	-11.2	280,892
--	United States	28.8	69.7	40.9	248,288

About QuoteWizard QuoteWizard (quotewizard.com) is an insurance comparison marketplace for consumers looking to save on insurance. QuoteWizard provides consumers with direct access to thousands of qualified agents in all 50 states, as well as major carriers, who offer personalized quotes and the opportunity to save up to 40% on auto, home, health, and life insurance. Agents and carriers, in turn, benefit from millions of highly qualified leads, calls, and traffic to their site. Based in Seattle, QuoteWizard was founded in 2006.

For more information, go to quotewizard.com, like our Facebook page and/or follow us on Twitter @quotewizard.

Media Contacts:

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