According to Redfin, the median-priced U.S. home now requires a homebuyer to earn $114,627, up 15% from last year and over 50% since the start of the pandemic. This marks the highest annual income necessary to afford a home on record. In most cities, Americans need a six-figure salary to afford a new home. The current median household income in the US is just $75,000. Home prices are soaring in California and New York, making it challenging for residents to save for a home purchase. CNBC reports that homebuyers must earn over $400,000 to afford a home in the two priciest metro areas, excluding New York.
Homebuyers must earn more than $400,000 to afford a home in the 2 priciest metro areas — and New York isn’t one of them https://t.co/5NRXMS2grj
Most homebuyers now need six-figure income to achieve the 'American dream' https://t.co/6ykMDO9TqZ by @RebeccaChenP
Another day, another housing market record: A homebuyer must now earn $114,627 to afford the median-priced U.S. home, according to Redfin. This is up 15% since last year and over 50% since 2020. Meanwhile, the current median household income in the US just $75,000. In other… https://t.co/vagBtbcbYr https://t.co/yh9JkisExC
While home prices soar in California and New York, residents in another state face the challenge of saving for an extended period to make a purchase. https://t.co/A3CseBmFrK
Americans need a six-figure salary to afford a new home in most cities, per Redfin.
A homebuyer must earn $114,627 to afford the median-priced U.S. home, up 15% ($15,285) from a year ago and up more than 50% since the start of the pandemic. That’s the highest annual income necessary to afford a home on record, per Redfin: https://t.co/cNLouJLkSB