Middle-income buyers can only afford 23% of homes: Study

CHICAGO (NewsNation) — For middle-income Americans, it is likely harder to afford a new home as the national housing market is short more than 300,000 homes in the affordability range, according to data from the National Association of REALTORS®.

The study revealed that only about a quarter of homes on the market are affordable for the average American household, or those making $75,000 a year.

Just five years ago, nearly half of the listings on the market were affordable for the average American household. Now, middle-income buyers can only afford 23% of homes on the market.

Economic strategist Mitch Roschelle, the founder of Macro Trends Advisors and managing director of Madison Ventures Plus, recommended Americans start saving as much as they can if they are looking to buy a home. <...