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Over 75% of U.S. homes on the market are unaffordable to the typical household, according to a Bankrate analysis.

The big picture: Persistently high home prices and mortgage rates are only part of the squeeze. In many places, there simply aren't enough homes available.

State of play: In only 11 of the 34 largest U.S. metros do at least 30% of listings fall within reach of middle-income households.