The median age of a homebuyer in the U.S. is 36, the oldest-ever in data  going back to 1981

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Americans need to earn about 70% more today than six years ago to comfortably afford a median-priced home

The median age of a homebuyer in the U.S. is 36, the oldest-ever in data  going back to 1981, according to the National Association of Realtors.“Even though millennials are the largest adult generation in the U.S., they had a shrinking share of buyers in the market last year,” NAR deputy chief economist Jessica Lautz wrote&nbsp;in a recent blog post. “This is at odds with what could happen as the largest number of millennials is at an age they traditionally have entered the market or at least had household formation. This year, baby boomers overtook millennials.” Americans now need to make $114,627 a year to afford a median-priced US home, an all time high, per Redfin.In its most recent report, the real estate company noted that soaring mortgage rates and continually rising home prices have created significant challenges for Americans aspiring to buy a home, particularly those entering the housing market for the first time.The American housing market experienced a surge during the pandemic, witnessing a sharp increase in prices due to high demand fueled by relatively low mortgage rates and historically low inventory. In June of the previous year, the typical home value in the U.S. exceeded $350,000, reaching an unprecedented level that underscored the ongoing affordability crisis in American housing.Based on the latest data available from Zillow, as of September 30, the average U.S. home value stands at $348,539, reflecting a 1.1 percent increase over the past year. In January, this figure was $340,332.Concurrently, mortgage rates have maintained elevated levels compared to the pandemic period. For the week ending October 12, the average rate on a 30-year fixed mortgage reached 7.57 percent—an apex not seen in over two decades. According to Redfin, the monthly mortgage payment for the typical U.S. homebuyer has now reached an all-time high of $2,866.Redfin's estimates indicate that homebuyers need an income of $114,627 to afford the cost of a typical median-priced home, reflecting a 15 percent increase ($15,285) from a year ago and a surge of over 50 percent since the onset of the pandemic.This income requirement surpasses the earnings of the average American household by about $40,000, considering the 2022 median household income was approximately $75,000.Despite a modest 5 percent increase in the average U.S. hourly wage over the past year, it remains insufficient to cover the widening gap needed to make homeownership feasible.