The 22% jump was the highest annual increase on record and puts homeownership out of reach for many families in the United States, where the median income is about $75,000, according to the Census Bureau. An overwhelming 70% of recent buyers did not have a child under the age of 18 in the home, which was the highest share recorded in this study. Homebuyers became more diverse this year, with the share of white homebuyers dropping to 81% from 88% last year. Of recent homebuyers, 7% were Latino, 7% were Black, 6% were Asian or Pacific Islander and 6% identified as some other race. “Homebuyers in the past year were more diverse, both racially and ethnically, with increases noted among minority buyers, buyers who were born outside of the US and buyers whose primary language is not English,” said Lautz.

Source: CNN November 21, 2023 21:56 UTC