The national median single-family home price grew to five times the median household income in 2024, according to Harvard’s Joint Center for Housing Studies.
Before the pandemic, homes cost around three to four times the median income in many places. But in recent years, home values have grown much faster than incomes.
From 2019 to 2024, median home prices jumped nearly 48%, while household incomes rose only about 22 %.
Prices continued to outpace incomes in many large markets across the country in 2024, with home price-to-income ratios rising in over three-quarters of the nation’s 100 largest metros.
In San Jose, home prices are over 12 times the average income there. In Los Angeles, it’s about 10.8 times, and in San Francisco it’s around 10.5 times.
Read the full report here.
