Here's how much you have to make to afford a starter home in the U.S.
CBSN
Americans must earn at least $76,000 a year to afford a basic home in the U.S., a sharp increase from the recommended income to become a homeowner before the pandemic, according to Redfin.
Only four years ago, people with annual earnings of $40,500 could afford a typical starter house, the online estate firm said in a new report. But the double whammy of rising mortgage rates and record high home prices has lifted the cost beyond the means of many Americans.
"The pandemic housing-market boom changed the definition of a starter home," Redfin Senior Economist Elijah de la Campa said in a statement. "A decade ago, many people thought of a starter home as a small three-bedroom single-family house. Now that type of home could cost seven figures, especially in expensive parts of the country."
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