CHARLOTTE, N.C. — A new report from NBC News is breaking down the factors that widen what's called the affordability gap.
The affordability gap is the difference between what buyers make and what they can afford -- and it's more than money driving this wedge.
To see causes for this gap in action, look no further than the Outer Banks. Last month, WCNC Charlotte reported on an unoccupied seaside house in Rodanthe that collapsed. Pricier premiums for your insurance, in part due to climate change, are driving up the cost of homeownership too.
The NBC report provides more context on the matter.
One key takeaway: The affordability gap is near a 10-year high in the United States, according to housing data from the NBC News Home Buyer Index.
The report shows what experts say is a housing market inaccessible to a growing number of people.
People looking at more rural areas, aiming to avoid a higher price tag, may not have much luck. The NBC report found affordability is dropping even in counties with lower-priced homes.
Right now, a household with a median income for their area could afford a home in more than 60% of counties across the country. When looking back five years, the same household could afford a home in just over 90% of counties, according to the NBC analysis.
Contact Kia Murray at kmurray@wcnc.com and follow her on Facebook, X and Instagram.