Americans are struggling to afford homes due to soaring housing costs and inadequate salaries. A Fortune study highlights that most young professionals can’t afford starter homes and, once they do, find it hard to upgrade. Recent data from the U.S. Bureau of Labor Statistics shows the average annual salary is $60,580, insufficient to afford a median-priced house, which requires around $80,000. This leads many to seek alternative income sources. Consider passive income ideas like renting space on platforms like Swimply, advertising services on LinkedIn, or selling stock photos online to bridge the financial gap.
For more insights: Fortune Study.
Question: What strategies could help young professionals overcome current housing market challenges?
