Part 3/8:
Housing affordability has notably worsened. In past decades, homes generally cost about 3.5 times the household income. Fast forward to today, and that ratio has climbed to nearly six times the median income. To illustrate, a couple earning the median income of $80,000 cannot feasibly buy a home priced at the median of $426,000 in 2023. The stark reality of inflated housing prices has led many millennials and Gen Z individuals to navigate a rental market that is also spiraling upwards in costs.