Home prices in swing states have nearly doubled since 2020

Housing costs in the states most likely to determine this year’s presidential election have risen 92 percent since 2020, according to data from the Redfin.

The average monthly housing payment for homebuyers in this year’s swing states — Arizona, Nevada, Wisconsin, Michigan, Pennsylvania, Georgia and North Carolina — is now at an all-time high of $2,161 as home prices rise. and mortgage rates rose.

A family in a swing state needs to earn at least $86,421 per year if it wants to follow the commonly accepted rule that families should spend 30% of their income on housing, according to Redfin.

That’s nearly double the income a family in a swing state needed in 2020 — $45,140.

This increase in cost has made housing unaffordable for the average family in swing states if they want to spend just 30% of their income on their home.

American families living in swing states and earning an average income of $79,155 per year now need to spend 32.8% of their income to buy the average home. In 2020, those same families would have to spend 21.8 of their income on a home, Redfin found.

Black and Hispanic families in swing states need to allocate even more of their income to housing than white or Asian American families, Redfin found.

Black families in a swing state who earn the median income for Black families would have to spend about half their income – 48.2% – to buy a typical home. In 2020, these same families would have to spend 32.7% of their income on a house.

The average Hispanic family in a swing state would need to spend 38.3% of their annual income to pay the costs associated with an average-priced home, whereas in 2020 they would have to pay 26.8%, according to Redfin.

The U.S. housing affordability crisis has become a major issue for voters and is especially important among young voters.

More than nine in ten Gen Zers say housing affordability will be important when deciding who to vote for in this year’s presidential election.

“Voters in swing states care about housing affordability because rising home prices and mortgage rates, coupled with a lack of houses for sale, became owners I feel impossible for some Americans,” said Elijah de la Campa, senior economist at Redfin. “This is especially true for young people who earn low incomes and have not yet built up their savings, making them feel like it would be an uphill battle to reach their parents’ level of financial success.”

This story originally appeared on thehill.com read the full story