In these 22 states, you need a six-figure income to afford a typical home, analysis finds
CNN
Buying an affordable home in the United States has gotten a lot harder for many people since 2020.
Buying an affordable home in the United States has gotten a lot harder for many people since 2020. A new analysis from Bankrate.com finds that in 22 states and Washington, DC, buyers need a six-figure household income to comfortably afford a typical median-priced home. That’s a lot more than in January 2020, when Bankrate found buyers needed a six-figure income in just six states and the District of Columbia. “Homes have become less affordable because home price appreciation has so far outpaced wage growth,” said Jeff Ostrowski, a Bankrate analyst. “Why have home prices gone up so quickly? Blame supply and demand.” There has been less housing supply to meet buyer demand both because there is less homebuilding, he said, and because of the “lock-in effect” of higher mortgage rates and home prices. These factors make existing homeowners reluctant to sell because it will cost them more to buy a new house. Of course, how one defines “affordability” can vary widely and is very particular to buyers’ financial circumstance – not just their income but their savings and whether they’re carrying a lot of other debt or own other properties. And it also matters whether someone has enough money left over after buying a home to afford its upkeep on top of all their other bills.
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