Real Estate
It’s Getting Even Harder to Afford a ‘Starter’ Home in the US
First-time buyers need to earn at least $64,500 a year to afford the average entry-level house, according to a new report.
A "sold" sign on a home in Sacramento, California.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Affordable homes for first-time buyers have disappeared from the US real estate market.
With mortgages rates near 7%, affording the record $243,000 price tag on the average entry-level home in the US is increasingly out of reach for first-time buyers — and that’s if a starter home can even be found.