A Six-Figure Income Is Needed Just to Afford the Typical US Home
This year’s surge in borrowing costs and high prices are squeezing buyers.
Housing in front of the Atlanta skyline.
Photographer: Elijah Nouvelage/BloombergThis article is for subscribers only.
Financing costs have shot up so fast in the US that a typical house is now out of range for Americans earning less than $100,000.
Buyers last month needed to earn $107,281 to afford the monthly mortgage payment on a median-priced home, up nearly 46% from $73,668 a year ago, according to a report from brokerage Redfin Corp.