"Analysis: Six-Figure Incomes Required for Home Affordability in 22 U.S. States"
A new analysis from Bankrate.com reveals that in 22 states and Washington, DC, a six-figure household income is now required to comfortably afford a typical median-priced home, a significant increase from just six states and the District of Columbia in January 2020. Factors contributing to this include rapid home price appreciation outpacing wage growth, limited housing supply, and the "lock-in effect" of higher mortgage rates and home prices. The West Coast and Northeast require the highest household incomes, while the South and Midwest require the lowest. Affordability changes over time are evident in the significant increase in income needed to buy the average home today compared to 2020, with the Sun Belt becoming less affordable due to an influx of new homebuyers.
- In these 22 states, you need a six-figure income to afford a typical home, analysis finds CNN
- Americans need six-figure salaries to buy a home in 22 states Quartz
- Americans Need A Six-figure Salary To Afford A Typical Home In Nearly Half Of U.S. States Bankrate.com
- Homebuyers need to earn 80% more than they did in 2020 to afford a home in today's market Yahoo Finance
- How much income a home buyer needs in the Philadelphia area The Philadelphia Inquirer
Reading Insights
0
1
3 min
vs 4 min read
83%
716 → 122 words
Want the full story? Read the original article
Read on CNN