In most US cities, buying a home now requires a six-figure salary. A household needed to earn $107,700 to afford a new single-family home and pay property taxes and insurance costs in the third quarter of this year, according to a new report from Oxford Economics. That's nearly double the household income of $56,800 needed to afford a new home in 2019. The report highlights just how difficult it has become, in a matter of just a few years, for Americans to afford purchasing a new home. Just 36% of US households earned enough to afford a new home, compared to 59% in Q3 2019. But the world looks different than it did five years ago. In 2020, the pandemic disrupted the overall economy — the housing market included. Read more: https://cnn.it/3YKLoYN
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In most US cities, buying a home now requires a six-figure salary. A household needed to earn $107,700 to afford a new single-family home and pay property taxes and insurance costs in the third quarter of 2024, according to a new report from Oxford Economics.
You need to make $108,000 to afford a home in America | CNN Business
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