by CLC staff
The American Dream is increasingly out-of-reach, according to a new analysis from digital real-estate company Zillow. Owning the average home in 2024 now requires an income of $106,000; in 2020, an income of $59,000 would be enough to afford the average home — an 80 percent increase in just four years. According to the National Board of Realtors, the typical home in the U.S. is currently worth about $383,000.
Similarly, mortgage payments have nearly doubled since 2020.
Wages have not kept up, increasing only 23 percent in that time. According to the American Community Survey from the Bureau of Labor Statistics, the median household income in 2024 is $81,000 — 31 percent below the income needed to afford a home.
| Source: | Size Rank | Income Needed to Afford a Mortgage, January 2024 | Income Needed to Afford a Mortgage, January 2020 | Change in Needed Income Since January 2020 | Percentage Change since January 2020 |
|---|---|---|---|---|---|
| Atlanta, GA | 9 | $115,430 | $59,441 | $55,989 | 94.19% |
| Austin, TX | 29 | $149,267 | $84,123 | $65,144 | 77.44% |
| Baltimore, MD | 20 | $114,348 | $70,285 | $44,063 | 62.69% |
| Birmingham, AL | 50 | $74,338 | $42,463 | $31,875 | 75.07% |
| Boston, MA | 10 | $205,253 | $118,286 | $86,967 | 73.52% |
| Buffalo, NY | 49 | $76,884 | $42,140 | $34,744 | 82.45% |
| Charlotte, NC | 23 | $111,051 | $55,812 | $55,239 | 98.97% |
| Chicago, IL | 3 | $104,757 | $65,041 | $39,716 | 61.06% |
| Cincinnati, OH | 28 | $86,027 | $47,977 | $38,050 | 79.31% |
| Cleveland, OH | 34 | $70,810 | $40,583 | $30,227 | 74.48% |
| Columbus, OH | 32 | $95,821 | $52,416 | $43,405 | 82.81% |
| Dallas, TX | 4 | $121,398 | $67,719 | $53,679 | 79.27% |
| Denver, CO | 19 | $172,704 | $101,366 | $71,338 | 70.38% |
| Detroit, MI | 14 | $75,662 | $44,538 | $31,124 | 69.88% |
| Hartford, CT | 48 | $114,109 | $61,995 | $52,114 | 84.06% |
| Houston, TX | 5 | $95,374 | $55,595 | $39,779 | 71.55% |
| Indianapolis, IN | 33 | $82,037 | $43,887 | $38,150 | 86.93% |
| Jacksonville, FL | 39 | $109,271 | $57,654 | $51,617 | 89.53% |
| Kansas City, MO | 31 | $92,896 | $52,154 | $40,742 | 78.12% |
| Las Vegas, NV | 30 | $119,529 | $65,357 | $54,172 | 82.89% |
| Los Angeles, CA | 2 | $279,250 | $157,793 | $121,457 | 76.97% |
| Louisville, KY | 45 | $77,450 | $46,265 | $31,185 | 67.41% |
| Memphis, TN | 43 | $69,976 | $38,259 | $31,717 | 82.90% |
| Miami, FL | 8 | $151,163 | $76,329 | $74,834 | 98.04% |
| Milwaukee, WI | 40 | $100,822 | $58,209 | $42,613 | 73.21% |
| Minneapolis, MN | 16 | $114,344 | $72,477 | $41,867 | 57.77% |
| Nashville, TN | 36 | $128,535 | $69,027 | $59,508 | 86.21% |
| New Orleans, LA | 46 | $74,048 | $54,845 | $19,203 | 35.01% |
| New York, NY | 1 | $213,615 | $134,919 | $78,696 | 58.33% |
| Oklahoma City, OK | 41 | $74,732 | $43,675 | $31,057 | 71.11% |
| Orlando, FL | 22 | $121,418 | $63,278 | $58,140 | 91.88% |
| Philadelphia, PA | 7 | $109,257 | $61,420 | $47,837 | 77.89% |
| Phoenix, AZ | 11 | $131,322 | $66,305 | $65,017 | 98.06% |
| Pittsburgh, PA | 27 | $58,232 | $34,557 | $23,675 | 68.51% |
| Portland, OR | 25 | $161,624 | $95,960 | $65,664 | 68.43% |
| Providence, RI | 38 | $142,928 | $77,541 | $65,387 | 84.33% |
| Raleigh, NC | 42 | $130,472 | $68,062 | $62,410 | 91.70% |
| Richmond, VA | 44 | $106,170 | $58,240 | $47,930 | 82.30% |
| Riverside, CA | 13 | $173,375 | $91,699 | $81,676 | 89.07% |
| Sacramento, CA | 26 | $172,261 | $102,353 | $69,908 | 68.30% |
| Salt Lake City, UT | 47 | $154,455 | $81,863 | $72,592 | 88.67% |
| San Antonio, TX | 24 | $95,767 | $57,460 | $38,307 | 66.67% |
| San Diego, CA | 17 | $273,613 | $142,595 | $131,018 | 91.88% |
| San Francisco, CA | 12 | $339,864 | $220,250 | $119,614 | 54.31% |
| San Jose, CA | 35 | $454,296 | $263,225 | $191,071 | 72.59% |
| Seattle, WA | 15 | $213,984 | $119,821 | $94,163 | 78.59% |
| St. Louis, MO | 21 | $76,895 | $45,015 | $31,880 | 70.82% |
| Tampa, FL | 18 | $116,329 | $57,752 | $58,577 | 101.43% |
| United States | 0 | $106,536 | $59,046 | $47,490 | 80.43% |
| Virginia Beach, VA | 37 | $102,703 | $58,714 | $43,989 | 74.92% |
| Washington, DC | 6 | $166,551 | $102,473 | $64,078 | 62.53% |
In response, people are moving to less expensive markets like North Carolina. A 2023 study by United Van Lines puts North Carolina in the top ten states for inbound migration, with Charlotte and Raleigh in the top five cities in the nation where people are moving.
