A growing number of middle-class Americans can no longer afford to buy or rent homes that were once considered within reach, according to a report released Tuesday by the National Housing Conference.
The study, “Priced Out: When a Good Job Isn’t Enough,” found that housing affordability challenges once concentrated among low-income households now extend to a wide range of occupations and communities nationwide.
“These findings underscore the depth and breadth of the housing crisis, which is increasingly pricing out working families across the country regardless of geography or profession,” said David M. Dworkin, president and CEO of the National Housing Conference. “The housing affordability crisis is now hitting families in every metro area, for nearly every occupation.”
Rising costs since 2019
The analysis of 390 metropolitan areas found that nearly one-third now require double the income needed just six years ago to purchase a home.
Nearly half require six-figure salaries to afford a typically priced home.
Of the metro areas where a six-figure income is necessary, 150 are outside California and 64 are outside coastal communities long known for steep housing costs.
Rental costs have also climbed sharply. Since 2019, 47% of tracked occupations cannot afford a two-bedroom apartment — with dozens of metro areas requiring salaries above $75,000 for such rentals.
In 85 metro areas, a one-bedroom apartment now demands at least a 50% increase in wages compared to 2019.
The share of occupations able to purchase a home has dropped dramatically. In 2019, 37% could afford to buy with a 10% down payment. By 2024, that figure had fallen to 14%.
Metro case studies
Using its Paycheck to Paycheck database, the report highlighted affordability gaps in Asheville, N.C.; Boise, Idaho; Houston; Tampa, Fla.; and Seattle.
- Asheville: Half of construction workers earn less than the $59,840 needed to rent a one-bedroom apartment. Even civil engineers earning nearly $100,000 cannot afford homeownership.
- Boise: Home prices have climbed more than 60% in five years. Teachers, librarians and counselors were priced out of two-bedroom rentals by 2023, with librarians still unable to afford rent in 2024.
- Houston: Out of 286 tracked occupations, only 28 can afford to purchase a home with a 10% down payment. Order clerks and customer service representatives cannot afford a one-bedroom rental.
- Tampa: Only 11 of 284 occupations can afford to buy a home. Legal assistants earning $62,420 cannot afford a one-bedroom rental.
- Seattle: Not a single tracked occupation could buy a home in 2024, including dentists earning more than $200,000. Just 50 out of 285 occupations can afford a two-bedroom rental.
Warnings on broader impact
“This is no longer a problem we can frame as affecting only certain groups or regions,” Dworkin said. “From big cities to small towns, Americans who work hard, earn solid incomes, and contribute to their communities are finding that neither renting nor buying is within reach.”
He added that addressing the crisis will require increasing housing supply, reforming zoning laws and investing in housing across income levels.