The average US home now requires a six-figure salary to afford, marking a significant increase compared to pre-pandemic levels, according to a study by Bankrate.
The study reveals that the average home buyer needs to earn over $110,000 annually to afford the median-priced home in 22 states. This represents a substantial jump from January 2020, when the average home buyer only needed to make approximately $75,000—a 46% increase.
During the same period, median home prices have surged from $290,000 to $412,000, marking a 42% increase.
Jeff Ostrowski, Bankrate housing market analyst, identifies affordability as the primary challenge, attributing it to record-high home values. He emphasizes the difficulty of meeting down payment requirements and monthly payments, particularly as home prices continue to soar.
Read Full Article Here
BIDENOMICS: Americans need a six-figure salary to afford a median-priced home: study
- by: Hayden Cunningham
- 04.02.24
- Source:
The Post Millennial
- 04/02/2024
Joe Biden by Phil Roeder is licensed under flickr https://creativecommons.org/licenses/by/2.0/
Joe Biden by Phil Roeder is licensed under flickr https://creativecommons.org/licenses/by/2.0/
Follow us
Read our latest news on any of these social networks!
Get latest news delivered daily!
We will send you breaking news right to your inbox
Have a tip? Let us know!
Recent Articles
- by: Jimmy Bentley
- Source:
Patch
- 05/13/2025
Cuts, Changes To Medicaid Proposed In New Bill: What To Know In RI
The Congressional Budget Office said in a preliminary estimate that 8.6 million U.S. residents would lose their health care coverage.
- by: Art Raymond
- Source:
Deseret
- 05/13/2025
Stocks surge in response to U.S.-China tariff news
Major U.S. stock indexes shot up Monday following news of U.S.-China trade deal.
- by: Jeff Cox
- Source:
CNBC
- 05/13/2025
Annual inflation rate hit 2.3% in April, less than expected and lowest since 2021
The consumer price index rose a seasonally adjusted 0.2% for the month, putting the 12-month inflation rate at 2.3%, its lowest since February 2021.
- by: Mirna Alsharif and Jay Blackman
- Source:
NBC News
- 05/12/2025
Mother's Day mayhem as ground stops issued at Newark and Atlanta airports
Operations have since returned to normal at Newark Liberty International Airport, but over 150 flights traveling to and from Newark were delayed, and more than 80 were canceled as of Sunday afternoon.