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Priced Out of Homeownership

The US housing market has changed dramatically since the pandemic - an issue looming over the election.

Homebuyers today need an annual income of more than $100,000 - well above the country's household median of about $75,000 - to comfortably afford a home in most places in the US, research firms such as Zillow and Bankrate say, and face monthly payments that have roughly doubled in just four years. Challenger Donald Trump, who fares better, has sought to blame Mr Biden for inflation, and though he does not typically call out housing specifically, he regularly spotlights "skyrocketing" interest rates to argue that the economy is heading in the wrong direction. They note reports by private firms that show rental increases - which play a big role in calculations of US inflation - cooling from the torrid pace of the pandemic amid a jump in apartment supply.

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