A new report reveals that Americans earning the median income need to allocate 41.8% of their salary to purchase a median-priced home. This burden is even higher in certain cities, particularly in California, where some metros require upwards of 67% of income for homeownership. Factors like strict zoning laws, high construction costs, and strong job markets contribute to these affordability challenges.
Nationwide, Americans earning the median income need to spend 41.8% of their salary on housing to afford to own a median-priced home,. Redfin 's calculations assume a 6.72% mortgage rate and 15% down payment, and use household income data from the U.S. Census Bureau for 2023, adjusted for 2024 wage growth.And in certain metros, that burden is even higher.
Here's a closer look at each. Note that city rankings are based on the 50 largest U.S. metros, while national figures reflect the broader housing market through November 2024.Feeling out of the loop? We'll catch you up on the Chicago news you need to know. Sign up for the weekly, especially in its largest metros.
In contrast, Pittsburgh is the the most affordable metro, according to Redfin's data, with a median-priced home costing just 25.3% of the local median income. Expert instructors will teach you how to get started, practical uses, tips for effective prompt-writing and mistakes to avoid. Sign up now and use coupon code EARLYBIRD for an introductory discount of 30% off $67 Self-made millionaire: 3 money moves to avoid to build a successful relationship
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