Here's how much you need to earn to afford a home in 97 U.S. cities

You don't have to be a millionaire to buy a home, but earning six figures would help.

The typical American household needs an annual income of $115,000 to afford the median priced home, which is $40,000 more than what the average household makes, according to Redfin chief economist Daryl Fairweather.

"Even places that historically have been affordable now need six figures," she told CBS MoneyWatch.