Today’s Chart of the Day is from the 2024 State of the Nation's Housing Report from the Joint Center for Housing Studies at Harvard University. It shows the average inflation-adjusted monthly payment, including taxes and insurance, on a median-priced home in the US from 1990 to present. Currently, it is at a record high of $3,100 a month.
According to article, the industry standards for affordability calculates the annual income needed for this is $120,000, which only one in seven renters can meet.