The median price of a home in America is now around $415,000, which is nearly 10 times more expensive than 50 years prior. In fact, housing and mortgage rates are now so high that there are some cities in which only the wealthy can afford a home. Check Out: GOBankingRates Original Research Center Learn More: How Middle-Class Earners Are Quietly Becoming Millionaires — and How You Can, Too To determine which cities are so expensive that only the wealthy could achieve homeownership within them, GOBankingRat ...

Core Insights - The median monthly costs for U.S. homeowners with a mortgage have risen to $2,035, making homeownership increasingly unaffordable for many households [1][4] - A household earning $61,000 annually would spend approximately 40% of their income on housing costs, exceeding the recommended 30% guideline [2][3] - Homeownership costs vary significantly across the U.S., with some regions experiencing median costs above $3,000 per month [4] Affordability Analysis - Experts suggest that housing costs should not exceed 30% of monthly income, which translates to $1,500 for a household earning $61,000 [2] - The financial strain of high housing costs can lead to a situation where homeowners feel "house poor," having limited cash for other expenses [3] Additional Costs - Median monthly housing costs do not include maintenance expenses, which can add significantly to the overall cost of homeownership [5] - Homeowners spent an average of $12,050 on house projects in 2024, equating to an additional $1,000 per month in costs [6]