Most Americans rely on mortgages to buy a home because the typical house still costs far more than what the average worker earns in a year. According to Redfin, the current U.S. median home sale price is $429,708, a figure that remains out of reach for many households without financing.
Meanwhile, recent data from the Bureau of Labor Statistics show that median weekly earnings for full-time wage and salary workers hover near $1,200, which translates to around $62,000 a year — a far cry from what it takes to buy even an average-price home in cash.
