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Families are facing escalating housing costs, with the median family in the U.S. now needing 38% of their income to cover mortgage payments on a median-priced home, according to the National Association of Home Builders/Wells Fargo Cost of Housing Index. Low-income families fare worse, often spending up to 75% of their earnings. The burden is especially severe in coastal areas like California, where homeownership is often out of reach without a six-figure income. San Jose-Sunnyvale-Santa Clara, CA, leads as the most expensive market, with families needing 85% of their income for housing. In contrast, more affordable markets like Decatur, IL, and Cumberland, MD-WV, allow families to spend just 16-18% of their income on housing. These disparities highlight the growing challenges of housing affordability across the U.S.
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PODCAST ARE OPINIONS EXPRESSED BY LICENSED REAL ESTATE AGENTS IN DIFFERENT REAL ESTATE MARKETS. DO NOT BASE YOUR HOME PURCHASE OR SALE ON THE OPINIONS EXPRESSED IN THIS STREAM. ALWAYS CONSULT YOUR LOCAL REALTOR FOR YOUR MARKET CONDITIONS.