The Petersen family’s two-bedroom apartment in northern California is starting to feel small.

Four-year-old Jerrik’s toy monster trucks are everywhere in the 1,100-square-foot unit in Campbell, just outside of San Jose. And it’s only a matter of time before 9-month-old Carolynn starts amassing more toys, adding to the disarray, says her mother, Jenn Petersen.

The 42-year-old chiropractor had hoped she and her husband, Steve, a 39-year-old dental hygienist, would have bought a house by now. But when they can afford a bigger place, it will have to be another rental. Petersen has done the math: With mortgage rates and home prices stubbornly high, there’s no way the couple, who make about $270,000 a year and pay about $2,500 in monthly rent, can afford a home anywhere in their area.

According to October data from the Federal Reserve Bank of Atlanta, a San Jose family with a median income of $156,700 would need to spend 80 percent of their income on housing — including an $8,600 monthly mortgage payment — to own a median-priced $1.54 million home. That’s far higher than the general rule of thumb that people should pay no more than 30 percent of their income on a mortgage or rent.

Moving out of state is out of the question for the Petersens — they have strong family ties to the area and their income would plummet if they move to a lower cost-of-living area. “I’m not willing to give up my job and close connections with my family for a house,” Petersen said.

The issue is widespread and near historic highs nationally: As of last fall, the median homeowner in the U.S. was paying 42 percent of their income on homeownership costs, according to the Atlanta Fed. Four years ago, that percentage was 28 percent and had not previously reached 38 percent since late 2007, just before the housing market crash.

“The American dream, as our parents knew it, doesn’t exist anymore,” Petersen said. “The whole idea that you get a house after you graduate college, get a steady job and get married? I’ve done most of those milestones. But the homeownership part? That just doesn’t fit financially.”