The U.S. housing landscape of 2013 is almost unrecognizable compared to the current reality, especially when looking at median single-family home prices. In 2013, buying a home for under $200,000 in several major metropolitan areas was possible, but in 2023 that was largely impossible. <\/p>\n\n\n\n
Housing budgets have had to increase substantially in the last ten years to keep up with rising living costs. But in many cases, home prices have outpaced housing expenditure growth, while incomes have risen only modestly, putting a strain on affordability. <\/p>\n\n\n\n
Zoocasa analyzed the changes in growth in housing expenditures, median incomes, and median single-family home prices over a decade (2013 to 2023) across 17 major metropolitan areas, using data from the U.S. Bureau of Labor Statistics and the National Association of Realtors. We also compared the growth in housing budgets to those of transportation and food, the second and third-largest expenditures, to identify which costs strain budgets most. <\/p>\n\n\n