"Affording a Typical Home: The Six-Figure Income Requirement Across the U.S."
A new analysis by Bankrate shows that Americans now need to earn an annual income of $110,871 to afford a median-priced home, a 46% increase since January 2020. The study reveals that 23 places in the U.S. now require a six-figure salary to buy a typical home, with California, Hawaii, and the District of Columbia topping the list. The rise in home prices and mortgage rates has made homeownership increasingly unattainable for middle-class buyers, with wage gains failing to keep up with housing costs. However, homes are still affordable in 14 states for those earning less than $75,000, mainly in the Midwest and South.