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: Aldgra Fredly
- Source:
The Epoch Times
- 05/03/2024
US Presses China, Russia to Declare AI Will Have No Control Over Nuclear Weapons Deployment
A U.S. arms control official said that Washington ‘would never defer a decision on nuclear employment to AI.’
- by: Catherine Yang, Michael Washburn
- Source:
The Epoch Times
- 05/03/2024
Testimony in Trump Trial Continues After Witness Rejects ‘Hush Money’ Claims
[epoch_component type=”live_update” section_title=”What to Know” update_time=”2024-05-03T07:00″ inline_authors=”” update_source=”” pinned=”false”] The trial of former President Donald Trump continues, as the Manhattan District Attorney has charged him with 34 counts of falsifying business records, allegedly to cover up a scheme to influence the 2016 election. At the center of the case is a $130,000 payment made by […]
- by: Caden Pearson
- Source:
The Epoch Times
- 05/03/2024
Arkansas Gov. Sanders Issues Executive Order Defying Biden Admin’s Title IX Rule
Gov. Sarah Huckabee Sanders called the Title IX expansion ‘plainly ridiculous.’
- by: Catherine Yang, Michael Washburn
- Source:
The Epoch Times
- 05/02/2024
Judge to Hear Defense Against Holding Trump in Contempt
[epoch_component type=”live_update” section_title=”What to Know” update_time=”2024-05-02T07:00″ inline_authors=”” update_source=”” pinned=”false”] New York Supreme Court Justice Juan Merchan has scheduled a 9:30 a.m. hearing on an order for the defense to show cause why he should not hold the defendant, former President Donald Trump, in contempt for four public statements he has made about the case. The […]