Dec 5, 2024 - News
NWA's housing struggle catching up to nation
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The median home price was 4.6 times the median income in NWA last year, according to a Harvard analysis.
Why it matters: With home prices outpacing incomes nationwide, homeownership is unaffordable for many people.
The big picture: In 2023, the national median sales price for existing single-family homes was 4.9 times the median household income, Harvard researchers from the Joint Center for Housing Studies found.
- That ratio dipped slightly from 2022 as home price growth slowed, but it remains historically high, per the analysis.
The latest: NWA leaders have said housing can be made more affordable with zoning rule changes, more housing and more types of housing.
Go deeper: Researchers' interactive map