According to one, home owners need to earn at least 4 114,000 each year to buy a house at the national average price of 1 431,250. Study Thursday was released by Realtor.com.
This income is estimated at 20 % below payment, 30 -year -old fixed mortgage, and 30 % rule, which suggests that landowners spend a maximum of 30 % of their total income on accommodation.
The revenue of 4 114,000 means that homeowners earn about $ 9,500 per month before tax – which is enough to pay for mortgages, property taxes and insurance at their home.
However, most US families earn less than 4 114,000. US Census Bureau’s latest data In 2023, the middle household income was 80.610, which was $ 77,540 in 2022 and about $ 34,000 more than 4 114,000.
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Relatter.com noted that the national household income, 000 67,000, or current estimates, was less than 47,000, less than 47,000 to buy a middle -priced house in spring 2019. In just six years, the need to afford the median home has increased by 70 %.
A Banking report Comparative figures arrived from March. The report states that domestic buyers need an annual domestic income of $ 116,96 to afford an average price home, which is more than $ 78,236 in the early 2020.
“Among the mortgages rates and the increase in domestic prices at the national level, many of the housers feel home -owned,” said Mark Hamrick, a senior economic analyst at Banrate, said in the report.
30 -year -old fixed rate rate is mortgage rate for mortgage 6.76 % Up to Thursday, Below the 3 % rate Experienced in 2020 and 2021.
Related: According to a new report, how much do you need to earn to buy a house in the United States
Even if mortgage rates and home prices are now higher during pandemic diseases, buyers can still be persuaded to buy due to high supply of homes. Realtor.com notes that the number of houses listed for sale Increased by 30.6 % In April compared to a year ago. In April, the market had about a million houses, or 959,251 listings.
Daryl Fair Weather, Chief Economist of Redphone, Described Earlier this week, in a Redifon Blog Post that more and more home buyers in the market could “give the upper hand in negotiations”.
“Now it’s a good time to buy, if you can afford it,” Fair Weather noted.