The average household income needed to purchase a home at the median national price has risen by 49.5% since 2020, according to a report from Bankrate.
Two-thirds of states have seen a surge in required income of over 50%, with Utah leading with an 89% increase in the last five years.
However, some states like Ohio, Alabama, and Missouri are still more affordable for homebuyers.
The report suggests improving credit score, exploring down-payment assistance programs, considering cheaper options like condos, and waiting for a better financial position to enter the housing market.