T
he housing market has become increasingly unaffordable for average earners due to a combination of factors. According to Jesse Saginor, associate professor of real estate development at the University of Maryland's School of Architecture, Planning and Preservation, the median home sale price has surged from $78,000 in 1985 to $433,000 in 2023, while incomes have only risen to an average of $74,000.

    The proliferation of high-end apartment buildings is a major contributor to this issue. While it may seem like there's an abundance of housing stock, the reality is that many new developments cater to luxury buyers rather than those who need affordable options. This pushes mid- to low-income earners out of cities and into longer commutes, exacerbating congestion issues.

    Incomes have not kept pace with rising home prices, making it even more difficult for average earners to afford a home. The demand for housing has driven up prices beyond what they were just 10 years ago. To address this issue, affordable housing must be championed locally through programs that offer tax incentives and infrastructure support.

    However, high-end development generates more revenue than affordable housing projects, making it less likely that cities will prioritize the latter. Additionally, people often stay in expensive cities for reasons beyond financial considerations, such as family or cultural opportunities. As a result, there hasn't been a significant migration of people to more affordable areas despite rising housing costs.