US EditionIn these 22 states, you need a six-figure income to afford a typical home, analysis finds
- Home affordability has decreased in 22 states and Washington, DC since 2020, with six-figure incomes now needed to afford a median-priced home.
- Home price appreciation outpacing wage growth is a key factor in the reduced affordability, with supply and demand imbalances exacerbating the situation.
- Aspiring homebuyers in the US need an annual income of $110,841, based on a median home price of $402,343, according to Bankrate's analysis.
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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, …
·Washington, United States
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In 22 states and DC, buyers need six-figure household income to afford a typical median-priced home
The report from Bank Rate found that in nearly half of US states, buyers will need a six-figure household income just to afford a median-priced home in their state.
·Los Angeles, United States
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Coverage Details
Total News Sources23
Leaning Left9Leaning Right2Center9Last UpdatedBias Distribution45% Left, 45% Center
Bias Distribution
- 45% of the sources lean Left, 45% of the sources are Center
45% Center
L 45%
C 45%
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