eyecrave productions/Getty ImagesA millennial couple moved from Hawaii to Colorado in 2017 in search of a lower cost of living.Despite having a six-figure household income, they've struggled to find a home in their budget.High home prices and mortgage rates have made homeownership feel out of reach for some Americans.Jon Sibok wants his family to have a home of their own someday, but achieving that goal feels like an uphill battle.The 29-year-old works as a production lead at a bakery and lives in Commerce City, Colorado — about 7 miles north of Denver. His girlfriend, who preferred not to have her name disclosed, is a supervisor at a food manufacturing company. Collectively, they bring in about $110,000 a year, documents viewed by Business Insider showed.The ideal home for the couple — who have two daughters — has four bedrooms and two bathrooms, and costs no more than $400,000. Sibok said even that price would be a stretch for them now due to rising living expenses over the past few years — which have made it difficult for the couple to save enough for a down payment and subsequent mortgage payments.Redfin reported that in September, the median home sale price in Commerce City was about $537,000. Sibok said he'd seen a few homes with three bedrooms and one bathroom selling for a bit less than $400,000, but most of them would require remodeling."With the cost of living in Colorado, it's been difficult to make significant progress," he said, adding, "I don't want to put myself in a difficult financial situation. I have a stable job and income, but it wouldn't be enough to cover the mortgage." He said it could take a few years before they feel financially prepared for homeownership.Sibok and his girlfriend are among the Americans with six-figure household incomes who say they can't find a home in their budget that also meets their desired criteria. In recent years, high home prices and elevated mortgage rates have propelled the cost of homeownership in the US to near-record unaffordability levels. The median home sale price has risen 28% over the past five years, and the average 30-year mortgage rate remains considerably higher than it was a few years ago.!function(){“use strict”;window.addEventListener(“message”,(function(a){if(void 0!==a.data[“datawrapper-height”]){var e=document.querySelectorAll(“iframe”);for(var t in a.data[“datawrapper-height”])for(var r=0;r
Posted inNews