More middle class Americans can’t afford to buy a home

A recent analysis by the National Association of Realtors reveals that a significant shortage of affordable homes is hindering homeownership for middle-income families in the U.S., with only 1 in 5 homes listed in March being affordable for those earning $75,000 annually. To return to pre-pandemic affordability levels, over 400,000 homes priced below $255,000 would need to be added, as rising prices and mortgage rates continue to exclude many households from the market, particularly in cities with restrictive zoning laws. While some areas, like Raleigh-Cary and Columbia, show improvement, federal and local initiatives are necessary to address the broader affordability crisis and encourage new construction.