The Growing Gap Between Paychecks and Home Prices
When Wages Don't Match Housing Costs: Most Americans cannot buy a home without a mortgage because housing prices have grown much faster than wages over the past 50 years. In 1970, the average home cost about twice what a typical family earned in one year. Today, that same home costs seven to eight times the average annual income. This massive gap means saving enough money to buy a house outright would take decades for most workers.