In these 22 states, you need a six-figure income to afford a typical home, analysis finds

You need to earn at least $162K to afford a typical home in Massachusetts: analysis

Decades ago, average house sold for less than $100,000. Now, you need to earn over $162,000 to afford the typical home in Massachusetts.

Yikes! Perilous Economy for First-Time Home Buyer

Buying a home is a cornerstone of the American dream, a dream that is further out of reach today for many Americans.  According to the Department of Housing and Urban Development, the median sales price of a new, single-family home was $416,300 in May 2023. In 1985, it was $84,300. Yes, income has increased, but higher incomes have not kept up with rising real estate prices. The result is that Americans are buying homes later in life. In 1981, …

This is how much you need to earn in every state to buy a home

Homebuyers in nearly half of the country need to earn at least six figures to be able to purchase a home.

You'll need more than $100,000 in income to afford a typical home, studies show

A sold sign stands outside a home in Wyndmoor, Pa., on June 22, 2022. Two recent studies suggest that prospective homeowners will have to earn more than $100,000 annually to afford a typical home in much of the U.S. (Matt Rourke/AP) You’ve heard that it’s a tough time to buy a house, but exactly how tough is it? A pair of recent studies predicts that you’d need to earn more than $100,000 per year to comfortably afford a typical home in much of t…

In these 22 states, you need a six-figure income to afford a typical home, analysis finds

Envato Elements stock photo NEW YORK (CNN) — Buying an affordable home in the United States has gotten a lot harder for many people since 2020. A new analysis from Bankrate.com finds that in 22 states and Washington, DC, buyers need a six-figure household income to comfortably afford a typical median-priced home. That’s a lot more than in January 2020, when Bankrate found buyers needed a six-figure income in just six states and the District of C…

A 6-figure income is needed to buy a home in 22 states, study says

The study says that part of the reason buying a home has become expensive is because wages have not kept up with the cost of homes.