Housing affordability crisis hammering rural America

The housing affordability crisis is sparing no one. But rural America is feeling particular strain.In rural America, prices continue to rise and incomes haven't kept up, according to a new report from Redfin. The convergence of both factors is causing housing affordability to "erode faster than big cities and suburbs." Homeowners need an annual income of $74,508 to afford a median-priced home in rural U.S. counties, up a staggering 105.8% from before the COVID-19 pandemic. Prior to the pandemic, rural buyers only needed to earn $36,206, according to Redfin's analysis, which compares the third