The dream of homeownership is slipping further away for many American families thanks to a perfect storm of sky-high mortgage rates and rising home prices.

Homebuyers today need an annual income of $114,627 to afford a median-priced U.S. home, according to Redfin analysis, which is up $15,285, or 15% from a year ago and is almost $40,000 more than what the typical household earns.

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