10/04/2024
The income needed to comfortably afford a home is up 80% since 2020, while median income has risen 23% in that time.
In 2020, a household earning $59,000 annually could comfortably afford the monthly mortgage on a typical U.S. home, spending no more than 30% of its income with a 10% down payment. That was below the U.S. median income of about $66,000, meaning more than half of American households had the financial means to afford homeownership.
Now, the roughly $106,500 needed to comfortably afford the mortgage payment on a typical home is well above what a typical U.S. household earns each year.
Less than 15% of Americans make over 100 grand a year.
