A recent report found that home prices have increased 50% over the last decade, according to Realtor.com.
Meanwhile, the cost to rent a single-family home surged 33% over the same period.
Wages also rose over the past decade, but not nearly that much.
"Home prices are going up faster than incomes, and that's led to some of the affordability challenges that we see in the market," says Chief Economist Danielle Hale of realtor.com®. "Homes were basically on sale during the recession. ... [Today's high prices] create a bigger hurdle to get into the housing market."
The country has now seen more than 120 straight months of economic expansion.
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