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Graphic Truth: Who can afford to buy a house these days?

August 15, 2024

John Haltiwanger

and

Paige Fusco

Graphic of housing costs in Canada.

Paige Fusco

Over the past two decades, home prices in the US and Canada have skyrocketed, and household incomes haven’t kept up. In 2023, the average Canadian home cost $678,282, more than 10 times the average Canadian annual income. In 2003, for comparison, a home cost just 5.8 times the average household income. And in the US, median household income increased about 60% between 2000 and 2020, while the average price of a home nearly doubled.

Small wonder that people in both countries are increasingly pessimistic about the prospect of homeownership. A Gallup survey from May found the vast majority of Americans (76%) say it’s a bad time to buy a house. It seems that on both sides of the border, more and more people are giving up on ever owning a home.

Here’s a look at the increase in home prices and median household income in Canada and the US, from 2000 to 2020. We have to ask: Is homeownership even a dream worth pursuing now? We’d love to hear your thoughts.

GZEROMEDIA

Can the IMF change to help more women?

Matthew Kendrick

When a country hits rock bottom financially, the International Monetary Fund is meant to step in with funds to stabilize the economy without damaging its society — or the gender gap. But studies show that these programs often push women out of work at a disproportionate rate to men as the economy contracts. Matthew Kendrick reports from the World Bank-IMF Annual Meetings on a push to build more equitable programs.

North Korean troops move into Russia’s border area with Ukraine

Russia's President Vladimir Putin and North Korea's leader Kim Jong Un attend a farewell ceremony before Putin's departure at an airport in Pyongyang, North Korea June 19, 2024.

Gavriil Grigorov/Reuters

Kyiv says that roughly 12,000 North Korean troops are in Russia, a far greater number than reported by the US, though it remains unclear precisely how many have entered what Ukraine referred to as the “combat zone.”

GZEROMEDIA

Will Japan’s LDP lose its grip on power?

October 23, 2024, Kamagaya, Japan - Japanese Prime Minister and leader of the ruling Liberal Democratic Party (LDP) Shigeru Ishiba reacts to his supporters after he delivered a campaign speech for his party candidate Hisashi Matsumoto for the general election at Kamagaya in Chiba prefecture, suburban Tokyo on Wednesday, October 23, 2024.

(photo by Yoshio Tsunoda/AFLO)

As Japan heads to the polls this Sunday, Prime Minister Shigeru Ishiba’s decision to call an early election just weeks after taking office is turning out to be a high-stakes gamble.

Global economy at risk if Middle East conflict expands, says World Bank's Ayhan Kose

- YouTube

youtu.be

While the global economy shows signs of growth and decreasing inflation, the near future involves risks, including the escalation in the Middle East impacting oil prices, strained China-US relations, and an increasingly challenging tariff and trade environment, said Ayhan Kose, World Bank Deputy Chief Economist. He discussed the geopolitical tensions influencing the global economy with GZERO's Tony Maciulis at the IMF and World Bank Annual Meetings in Washington, DC, in a GZERO Global Stage interview.

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Graphic Truth: Who can afford to buy a house these days?

GZEROMEDIA

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More from GZERO Media

This week World Bank announced a bold initiative to bridge the gender divide by creating more economic opportunity, broadening female leadership, and reducing gender-based violence in the next 5 years as 2030 approaches.

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Kyiv says that roughly 12,000 North Korean troops are in Russia, a far greater number than reported by the US, though it remains unclear precisely how many have entered what Ukraine referred to as the “combat zone.”

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Subscribe to GZERO Media's newsletter: Signal

Georgian Dream insists the country is still on track to join the EU, as critics accuse the party of pushing Georgia in an increasingly anti-Western, authoritarian direction.

In 2001, a Goldman Sachs economist coined an acronym for the four largest and most promising “emerging market” economies: Brazil, Russia, India, and China became known as the “BRIC” countries.

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