Real Estate

Homebuyers must earn $400,000 to afford a home in these metro areas

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As home prices and interest rates rise, would-be homebuyers need a salary of $114,627 to afford a median-priced house in the U.S., according to a recent report by real estate site Redfin.

If you want to buy in one of the most expensive metro areas of the U.S., you’ll need to earn even more. In the top 10 cities, you’ll need to earn more than $200,000, or close to it, researchers estimate. Buying in the priciest two metros would require salaries of more than $400,000. Redfin analyzed median monthly mortgage payments in August 2023 and August 2022.

To put those figures into perspective, the median U.S. household income was $75,000 in 2022, according to the report. 

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Source cnbc.com

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