Many first-time homebuyers, largely consisting of millennials and Gen Zers, are locked out of homeownership.Jenny Elia Pfeiffer/Getty Images In June, the median sale price for the typical starter home reached an all-time high of $243,000. The income needed to purchase a typical starter home has increased 13% from 2022, to $64,500. Burdened by high costs and limited inventory, many would-be buyers are locked out of homeownership. Buying a home has never been more financially out of reach than it is now.Despite mortgage rates hovering around 7%, US home prices remain high as supply-and-demand imbalances intensify competition among potential buyers.