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Quarterly house price to income ratio in the U.S. 2015-2020

In the second quarter of 2020, the house price to income ratio in the U.S. amounted to 102.1 percent. This ratio was calculated by dividing nominal house prices by nominal disposable income per head. The ratio was gradually increasing from 2015 to the first quarter of 2020, which means that house prices were rising faster than income. However, the ratio fell by more than 8 percent in the first half of 2020, which was likely a result of the global COVID-19 pandemic.

Stagnant wages

Average annual real wages steadily rose until 2014 but have since remained stagnant. However, single-family house prices have continued to increase. This disparity has resulted in decreased housing affordability.

Average wages needed to buy home

The share of wages needed to buy a median priced home in the Unites States has been steadily increasing since 2012. This trend is reflected in the house price to income ratio as well. The availability of affordable housing will become more important, if the price to income ratio continues to develop in this way.

House price to income ratio in the United States from 1st quarter 2015 to 2nd quarter 2020

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Sources

Release date

September 2020

Region

United States

Survey time period

Q1 2015 to Q2 2020

Supplementary notes

Figures have been rounded

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Statistics on "Housing market in the United States"

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