WFTV Channel 9 Orlando

Home prices are surging faster than incomes. Here’s where it’s worst.

By Andy Medici, WFTV Staff,

4 days ago

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Editor’s note: This story is available as a result of a content partnership between WFTV and the Orlando Business Journal.

Home prices are surging far ahead of wage growth in cities across America — and those costs are continuing to increase.

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An analysis of average monthly mortgage payments by brokerage Zoocasa from 2018 to 2023 across 50 cities found that the average monthly payment grew faster than median income in all of those measured markets.

In Boston, for example, the average payment grew 27.5% compared to income growth of 22.4%. In Washington, D.C., the average payment increased 35.8% compared to income growth of 19.1%.

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