Americans need six-figure salaries to afford a house in most cities, new economics report shows

Americans need to earn nearly $108,000 a year to afford a single-family home in most cities now, according to a new economics report.

Oxford Economics revealed this week that a household in 2024 needs an average annual income of $107,700 to afford a new single-family home, including property taxes and home insurance. This number was nearly twice the cost it was five years ago in 2019, at only $56,800.

The report added that only 36% of households earned enough to buy a home last quarter...