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Rewiring
First-Time Buyers Must Earn $120,000 To Afford The Average Home
Earlier today we reported that for at least 40% of Americans – up from 27% just two years ago – the American Dream is dead and buried and has been replaced with the American nightmare: renting for life.
And here's why: according to a new survey from Clever Real Estate, a St. Louis-based real estate company, thanks to the galloping housing inflation, the median-priced home in the U.S. now costs $332,494, with NAR and Census Bureau data reporting that the median Existing and New Home sale price has risen to $393,500 and $430,700…
… meaning prospective buyers need an annual income of at least $119,769 to afford it with a 10% down payment.
