All articles tagged with #median priced home
The median household income needed to afford the median-priced home varies widely across US states, with Hawaii requiring the highest income at $153,520 and West Virginia the lowest at $38,320. Meanwhile, 'Million Dollar Listing LA' star discusses how clients are insuring homes amid rising rates, and the price of chocolate is soaring due to supply chain issues.
A new Bankrate analysis reveals that Americans now need an annual income of $110,871 to afford a median-priced home of $402,343, marking a nearly 50 percent increase in just four years. The study found that aspiring homeowners in 22 states and the District of Columbia need six-figure salaries to afford a typical home, with the West and Northeast requiring the highest incomes. Factors contributing to this housing affordability crunch include high mortgage rates, rising home prices, and low housing inventory. Aspiring buyers are advised to carefully consider their financial plans and not rush into purchasing a home, as experts predict continued competition in the housing market.