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.
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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/
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