For many Americans, the dream of owning a home is becoming increasingly difficult to achieve. Pay packets are rising across the country, yet property prices continue to move faster. In dozens of major US cities, even households earning well above the national average are finding themselves locked out of the housing market.
New data from real estate company Redfin shows that households now need an annual income of roughly $116,780 to afford the average American home. That figure remains nearly $30,000 higher than the current US median household income, which stands at about $88,000 according to government data cited by CBS News. The figures underline the growing pressure facing aspiring homeowners across the country.
