May 09, 2024
RIP the American Dream
Diane M. Kimura
The cost of buying a home in the US rises to $2,750/month, the second highest ever recorded, according to Reventure.
Prior to the pandemic in 2022, the average home in the US would cost $1,400/month.
In other words, it is now 100% MORE expensive to buy a home in 2024 compared to 2020.
Even at the peak of the 2008 Financial Crisis, the average home payment peaked at $1,550/month.
The average US family would need to spend 44% of their PRE-TAX income to buy a home today.
What do new homebuyers do now?
The cost of buying a home in the US rises to $2,750/month, the second highest ever recorded, according to Reventure.
Prior to the pandemic in 2022, the average home in the US would cost $1,400/month.
In other words, it is now 100% MORE expensive to buy a home in 2024 compared to 2020.
Even at the peak of the 2008 Financial Crisis, the average home payment peaked at $1,550/month.
The average US family would need to spend 44% of their PRE-TAX income to buy a home today.
What do new homebuyers do now?
Posted by: Timothy Birdnow at
10:06 AM
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