A good job is no longer enough to secure housing in America.
Decades of underbuilding, stagnant wages, and rising interest rates have pushed homeownership—and in many cases, even rent—out of reach for millions.
According to a new report from the National Housing Conference (NHC), 176 metropolitan areas required a six-figure income in 2024 to afford a median-priced home with a 10% down payment. That’s a massive leap from just 30 metros in 2019. In 125 of those areas, the income required to buy a home has at least doubled in five years.
The rental market isn’t faring much better. The study found that 47% of tracked jobs don’t pay enough to afford a two-bedroom apartment—up from 38% in 2019. In 32 metro areas, renters need to earn more than $75,000 a year to comfortably afford housing.
“Even traditionally high-income professionals are being priced out,” the report states. “Unaffordability is a widespread and growing problem across the U.S.”
To illustrate how deeply the crisis cuts across industries and regions, the NHC analyzed five U.S. metro areas using hypothetical workplaces and salary data from nearly 300 professions.
Asheville, NC: Wages Can’t Keep Up
In Asheville, renting a one-bedroom now requires an income of nearly $60,000, while a two-bedroom calls for over $67,000—both up roughly $28,000 since 2019. Homebuyers need to make $143,507 to afford a typical house, more than double the required income five years ago. Most workers are priced out. Of 269 occupations analyzed, only 66 can afford a two-bedroom rental and just five can afford to buy a home—mostly high-level medical and tech professionals.
Boise, ID: Affordability Myth Busted
Once seen as a relatively affordable market, Boise has seen home prices soar from $297,431 in 2019 to $480,411 in 2024, pushing the income needed to buy from $77,928 to $161,173—a 106% increase. An analysis of a typical middle school staff found none could afford to buy a home in 2024. Even librarians struggle to rent a one-bedroom apartment. Only three occupations—dentists, personal financial advisors, and engineering managers—could afford to buy.
Houston, TX: More Housing, But Still Out of Reach
Texas’ relative housing boom has kept some prices in check, but affordability is still an issue. In Houston, the median home now costs $312,062, up $91,000 from 2019. That now requires a six-figure salary. For example, in a typical auto shop, only sales managers earn enough to buy a home. Most auto workers who could rent five years ago would now be priced out.
Tampa, FL: Legal Workers Priced Out
In Tampa, even legal professionals are struggling. Paralegals earning $62,420 can only afford a one-bedroom rental—down from larger units just a few years ago. Only 11 of 284 occupations in the market earn enough to buy a home, and only 64 can afford a two-bedroom rental. At a hypothetical law firm, only lawyers and HR managers could afford housing without being cost-burdened.
Seattle, WA: Six Figures Still Not Enough
Seattle’s long-standing affordability crisis has worsened. Even dentists earning over $200,000 can’t afford a typical home. Medical managers and hygienists, despite six-figure salaries, are locked out of ownership. Lower-paid workers haven’t been able to afford a one-bedroom since 2019. In total, none of the 285 occupations tracked in Seattle could afford to buy a home in 2024—even though nearly 25% earn over $100,000 a year.
Source: GlobeSt
