The median American income can only afford 25% of homes

The median American income can only afford 25% of homes
The national median income for an American household is $75,000. In April, 1.1 million properties were listed for sale, of which, only 25% of them had a price below $256,000 which is the maximum price the average household could afford.
There are only four major metro areas where buying a home is cheaper than renting. They are Detriot, Philadelphia, Cleveland, and Houston.
The typical home costs 25% more per month to own than the cost of renting.
It is more expensive to own a home than to rent because of how high interest rates are. The interest rate would need to be less than 4% for it to be cheaper to own a home rather than rent.
At the current 6.5% prevailing interest rate, it is about 25% more expensive to own a home rather than rent.
Works Cited:
https://www.redfin.com/news/rent-vs-own-2023/?utm_source=Iterable&utm_medium=email&utm_campaign=campaign_7045452
https://www.cnbc.com/2023/06/08/shortage-of-affordable-houses-real-estate-market-hits-some-hardest.html?utm_source=Iterable&utm_medium=email&utm_campaign=campaign_7045452
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