Most people don't earn six figures, but it's become the new benchmark for whether or not you can afford a typical U.S. home. Americans need to earn an annual income of $110,871 to buy a median-priced home of $402,343 — a 46% increase since January 2020.
Most people don't earn six figures , but it's become the new benchmark for whether or not you can afford a typical U.S. home. Americans need to earn an annual income of $110,871 to buy a median-priced home of $402,343 — a 46% increase since January 2020, To calculate homeownership costs, Bankrate assumes a 20% down payment, no HOA fees or mortgage insurance and a 30-year fixed mortgage interest rate of 7.05%.
In contrast to the six figures needed now, in 2020, an annual income of $76,191 was sufficient to afford a median-priced home. For context, households currently earn a median income of $74,580,This suggests that homeownership has been put further out of reach for most middle class buyers over the past four years. As a result, the number of places where you need to earn $100,000 or more to afford a median-priced home has climbed from seven to 23 since January 202
Americans Six Figures Afford Median-Priced Home Income Homeownership Middle Class Bankrate
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