Buying a home? You’ll need a $17K raise, Zillow finds

Buying a home? You’ll need a $17K raise, Zillow finds

In four California metros, median earners would need six-figure raises to afford the mortgage on a typical home.

Housing market hits troubling milestone for first time in nearly 20 years

Owning an entry-level home in the U.S. now costs more than twice as much per month as renting, new data shows.

Buyers need a $17,000 raise to afford a home

Even with a $73,000 down payment, median earners would require a pay increase to afford the monthly mortgage A median-income family would need a $17,670 raise to afford the mortgage payments on a typical U.S. home. In four California markets, median earners would require a six-figure raise to afford the typical home. Currently, median earners can afford the typical home in just 11 major markets, down from 39 markets five years ago. SEATTLE, Jun…

Inventory Influx Boosts Buyer-Friendly Spring - The MortgagePoint

"Affordability remains a steep hill to climb, especially for first-time buyers," said Kara Ng, Senior Economist at Zillow. "While the financial bar has gotten higher, we're also in the middle of the most buyer-friendly spring since before the pandemic for those who can make the finances work."

To Afford a Typical House, Americans Now Need to Earn Six Figures

It now takes a salary of around $99,800 to buy a typical home, which means a household earning the U.S. median income of $82,200 would need a raise of $17,670 to make a purchase. Even with enough savings for a 20% down payment on a home at the median U.S. home price ($367,969), today’s high mortgage rates would push a buyer’s monthly payment to an uncomfortable level for anyone earning less than six figures, according to a Zillow report released…

Hartford Buyers Need $16K Raise to Afford Down Payment

Greater Hartford homebuyers will likely need a raise if they want to buy a home – even if they're so-called "move-up" buyers putting 20 percent down.