Home affordability is declining rapidly, with the required salary to purchase the average home in the United States now exceeding $110,000.

While mortgage rates have played a role in this, the primary driver is soaring home prices.

Currently, 23 states, including the District of Columbia, require six-figure salaries to buy a home.

California tops the list, with aspiring homeowners needing close to $200,000 annually to afford the average home.

Conversely, Mississippi has the lowest housing costs, with an average home price of $103,000.

Despite the challenges, experts advise against jumping to rent as an alternative.

Since President Biden’s inauguration, rents have increased by nearly 21%, leading to reduced affordability across the board.

The article provides a specific example from Nevada, where home prices have risen significantly, making it increasingly difficult for locals to purchase a home.

High home prices are the main factor driving down affordability, not just mortgage rates.

In the article, it states that soaring home prices are the primary driver of declining home affordability, with 23 states now requiring six-figure salaries to purchase a home.

Renting is not a more affordable option due to significant rent increases.

The article notes that rents have increased by nearly 21% since President Biden’s inauguration, reducing affordability across the board.

Home affordability varies widely across the United States.

The article highlights the disparity in home prices among states, with California requiring close to $200,000 annually to afford the average home, while Mississippi has an average home price of just $103,000.