{"id":76556,"date":"2023-07-28T06:00:13","date_gmt":"2023-07-28T13:00:13","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=76556"},"modified":"2023-07-27T09:08:18","modified_gmt":"2023-07-27T16:08:18","slug":"starter-homes-price-income-needed-increase","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/starter-homes-price-income-needed-increase\/","title":{"rendered":"First-Time Buyers Need to Earn 13% More Than a Year Ago to Afford the Typical U.S. Starter Home"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Rising home prices and elevated mortgage rates have pushed the income necessary to buy the typical U.S. starter home up 13% over the last year.\u00a0<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">New listings of starter homes are down 23%, the biggest decline since the start of the pandemic.\u00a0<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">San Francisco, Austin and Phoenix are the only major U.S. metros where the income needed to buy a starter home has dropped over the last year. It has risen over 20% in Fort Lauderdale, FL and Miami, more than anywhere else in the country.\u00a0<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">The share of starter homes going to all-cash buyers is near a decade high.\u00a0<\/span><\/i><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">A first-time homebuyer must earn roughly $64,500 per year to afford the typical U.S. \u201cstarter\u201d home, up 13% ($7,200) from a year ago. That\u2019s due to the one-two punch of higher mortgage rates and higher home prices.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The typical starter home sold for a record $243,000 in June, up 2.1% from a year earlier and up more than 45% from before the pandemic. Average mortgage rates hit 6.7% in June, up from 5.5% the year before and just under 4% before the pandemic.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-76558 size-large\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/starter-homes-727-1024x556.png\" alt=\"\" width=\"1024\" height=\"556\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/starter-homes-727-1024x556.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/starter-homes-727-300x163.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/starter-homes-727-768x417.png 768w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/starter-homes-727.png 1327w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">This is according to an analysis that divides all U.S. residential properties into five buckets based on<\/span> <a href=\"https:\/\/redfin.com\/redfin-estimate\"><span style=\"font-weight: 400;\">Redfin Estimates<\/span><\/a> <span style=\"font-weight: 400;\">of the homes\u2019 market values as of June 2023. The data is analyzed using three-month moving periods; when we say \u201cJune,\u201d we\u2019re referring to April-June. <\/span><span style=\"font-weight: 400;\">There are three equal-sized tiers, as well as tiers for the bottom 5% and top 5% of the market. This report is focused on the \u201caffordable\u201d tier, also referred to as \u201cstarter\u201d homes in this report, which is made up of homes estimated to be in the 5th-35th percentile by sale price. We calculated how much annual income is needed to afford a starter home by using the rule of thumb that a home is considered \u201caffordable\u201d if a buyer taking out a mortgage spends no more than 30% of their income on their housing payment.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Prices for starter homes continue to tick up because there are so few homes for sale, often prompting competition and pushing up prices for the ones that do hit the market. New listings of starter homes for sale dropped 23% from a year earlier in June, the biggest drop since the start of the pandemic. The <\/span><i><span style=\"font-weight: 400;\">total<\/span><\/i><span style=\"font-weight: 400;\"> number of starter homes on the market is down 15%, also the biggest drop since the start of the pandemic. Limited listings and still-rising prices, exacerbated by high mortgage rates, have stifled sales activity. Sales of starter homes dropped 17% year over year in June.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cBuyers searching for starter homes in today\u2019s market are on a wild goose chase because in many parts of the country, there\u2019s no such thing as a starter home anymore,\u201d said Redfin Senior Economist <a href=\"https:\/\/www.redfin.com\/news\/author\/sheharyarbokhari\/\">Sheharyar Bokhari<\/a>. \u201cThe most affordable homes for sale are no longer affordable to people with lower budgets due to the combination of rising prices and rising rates. That\u2019s locking many Americans out of the housing market altogether, preventing them from building equity and ultimately building lasting wealth. People who are already homeowners are sitting pretty, comparatively, because most of them have <\/span><i><span style=\"font-weight: 400;\">benefited <\/span><\/i><span style=\"font-weight: 400;\">from home values soaring over the last few years. That could lead to the <\/span><a href=\"https:\/\/www.stlouisfed.org\/institute-for-economic-equity\/the-state-of-us-wealth-inequality\"><span style=\"font-weight: 400;\">wealth gap<\/span><\/a><span style=\"font-weight: 400;\"> in this country becoming even more drastic.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Home prices shot up during the pandemic due to record-low mortgage rates and remote work, and now rising mortgage rates are exacerbating the affordability crisis, especially for first-time buyers. A person looking to buy today\u2019s typical starter home would have a monthly mortgage payment of $1,610, up 13% from a year ago and nearly double the typical payment just before the pandemic. Average U.S. wages have risen <\/span><a href=\"https:\/\/fred.stlouisfed.org\/series\/CES0500000003#0\"><span style=\"font-weight: 400;\">4.4%<\/span><\/a><span style=\"font-weight: 400;\"> from a year ago and roughly 20% from before the pandemic, not nearly enough to make up for the jump in monthly mortgage payments.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Many prospective first-time homebuyers are between a rock and a hard place because rents remain elevated, too. The typical U.S. asking rent is just<\/span><a href=\"https:\/\/www.redfin.com\/news\/redfin-rental-report-june-2023\/\"> <span style=\"font-weight: 400;\">$24 shy<\/span><\/a><span style=\"font-weight: 400;\"> of the $2,053 peak hit in 2022.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Buyers with higher budgets have seen their monthly payments increase quite a bit, too. People buying today\u2019s typical home in the \u201cmiddle\u201d and \u201cexpensive\u201d tiers would have a monthly housing payment 13% higher than they would have a year ago. Sale prices are up 1.5% year over year for the \u201cmiddle\u201d tier, and 2.2% for the \u201chigh\u201d tier\u2013comparable to the increase for starter homes.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But the impact of rapidly rising monthly housing payments is more drastic for buyers searching for an affordable starter home. Many of those people\u2013often first-time homebuyers\u2013are priced out of the housing market entirely because there\u2019s no room to lower their budget. Buyers searching for higher-priced homes can lower their price range and perhaps search for smaller homes in less expensive neighborhoods.\u00a0<\/span><\/p>\n<h4>San Francisco, Austin and Phoenix are the only U.S. metros where starter-home buyers need less income than they did a year ago<\/h4>\n<p><span style=\"font-weight: 400;\">First-timers and other lower-budget buyers in a few metros are getting some relief: San Francisco, Austin and Phoenix buyers don\u2019t need to earn quite as much as they did a year ago to afford a starter home, as those are the only three major U.S. metros where prices have declined.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A homebuyer in San Francisco must earn $241,200 to afford the typical &#8220;starter&#8221; home, down 4.5% ($11,300) from a year earlier. Austin buyers must earn $92,000, down 3.3% year over year, and Phoenix buyers must earn $86,100, down about 1%. Those are also the metros where prices of starter homes have declined most, with median sale prices down 13.3% to $910,000 in San Francisco, down 12.2% to $347,300 in Austin, and down 9.7% to $325,000 in Phoenix.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Starter-home prices are falling in those three metros after skyrocketing in 2020 and 2021. Bay Area prices soared because buyers used record-low mortgage rates as an opportunity to jump into the expensive market, and Austin and Phoenix prices went wild because of the influx of remote workers moving into those places.\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Now that mortgage rates have more than doubled, the initial surge of remote-work relocations has passed, and new listings are scarce due to homeowners locked in by low rates, the housing markets in Austin and Phoenix have fallen back down to earth. Demand in San Francisco dropped because rising rates made ultra-expensive homes even more expensive, and many tech workers aren\u2019t as incentivized to live near city centers as they once were.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Starter-home prices are down year over year in 13 other metros, mostly expensive\u00a0 West Coast markets, with the next-biggest declines in San Jose, CA (-8.7% to $925,000), Sacramento, CA (-7.3% to $417,000) and Oakland, CA (-7.3% to $630,000). Starter-home prices also dropped in Las Vegas, Seattle, Denver, Los Angeles, Portland, OR, Anaheim, CA, San Diego, Riverside, CA, Pittsburgh and Minneapolis. But the income necessary to buy a starter home has still risen, because in those places lower prices don\u2019t make up for higher mortgage rates.\u00a0<\/span><\/p>\n<h4>Miami first-time homebuyers need 25% more income<\/h4>\n<p><span style=\"font-weight: 400;\">The income necessary to buy a starter home has risen <\/span><i><span style=\"font-weight: 400;\">most <\/span><\/i><span style=\"font-weight: 400;\">in Florida. Fort Lauderdale buyers need to earn $58,300 per year to purchase a $220,000 home, the typical price for a starter home in that area, up 28% from a year earlier. That\u2019s the biggest uptick of the 50 most populous U.S. metros.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Next comes Miami, where buyers need to earn $79,500 (up 24.8%) to afford the typical $300,000 starter home. Rounding out the top three is Newark, NJ, where buyers need $88,800 (up 21.1%) to afford a $335,000 home. Fort Lauderdale, Miami and Newark also had the biggest starter-home price increases, with prices up 15.8% year over year, 13.2% and 9.8%, respectively.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Even though starter-home prices have risen most in Florida, they\u2019re still less expensive than a place like Austin or Phoenix, where home prices skyrocketed during the pandemic and have since come down some.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Prices are rising in Florida because despite increasing climate risks, out-of-town remote workers and retirees are flocking in. That\u2019s largely due to warm weather and relative affordability; even though prices there soared during the pandemic, homes are still typically less expensive than a place like New York, Boston or Los Angeles. Five of the 10 <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-migration-trends-may-2023\/\"><span style=\"font-weight: 400;\">most popular<\/span><\/a><span style=\"font-weight: 400;\"> metros for relocating homebuyers are in Florida.\u00a0<\/span><\/p>\n<h4>All-cash buyers purchase nearly 40% of starter homes in the U.S.<\/h4>\n<p><span style=\"font-weight: 400;\">More than one-third (36.6%) of the country\u2019s starter homes were purchased in cash in May, down just slightly from the previous month\u2019s decade-high and up from 35.2% a year earlier.\u00a0<\/span><\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-76559 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/cash-purchases-727.png\" alt=\"\" width=\"1051\" height=\"653\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/cash-purchases-727.png 1051w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/cash-purchases-727-300x186.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/cash-purchases-727-1024x636.png 1024w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/cash-purchases-727-768x477.png 768w\" sizes=\"(max-width: 1051px) 100vw, 1051px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">Note that this all-cash data is from May, the most recent month for which data is available, while the other data in this report is from June.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Real estate investors are buying up a sizable chunk of today\u2019s affordable homes. A <\/span><a href=\"https:\/\/www.redfin.com\/news\/investor-home-purchases-q1-2023\/\"><span style=\"font-weight: 400;\">record 41%<\/span><\/a><span style=\"font-weight: 400;\"> of investor purchases were small homes\u2013those with 1,400 or fewer square feet\u2013in the first quarter. That\u2019s up from 37% a year earlier.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cMany house hunters searching for an affordable place to call home for themselves and\/or their family are out of options, especially in more expensive parts of the country,\u201d Bokhari said. \u201cAs prices for the most affordable homes continue to climb and rates remain elevated, it\u2019s becoming more true that you have to be wealthy to buy a home\u2013especially if it\u2019s your first one. That\u2019s why we\u2019ve seen the share of affordable homes going to cash buyers, either individuals or investors, tick up: Because they\u2019re the only ones who can afford them.\u201d\u00a0\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Cash buyers also have another advantage. They don\u2019t have to pay high mortgage rates, meaning it\u2019s ultimately less expensive for them to buy homes, deepening the wealth gap in the country.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But even though monthly payments on starter homes are becoming more expensive and an increasing share are going to cash buyers, in some ways the market is easier to break into than it was during the pandemic buying boom. Some first-time homebuyers are able to buy a home without a bidding war, and in some metros prices have come down, as noted above.\u00a0<\/span><\/p>\n<h4>Other metro-level highlights for starter homes, June 2023<\/h4>\n<p><i><span style=\"font-weight: 400;\">The biggest price declines and increases are noted in the text above\u00a0<\/span><\/i><\/p>\n<p><b>Prices are highest in California. <\/b><span style=\"font-weight: 400;\">Starter homes have the highest median sale price in San Jose ($925,000), San Francisco ($910,000) and Anaheim ($680,000).\u00a0<\/span><\/p>\n<p><b>Prices are lowest in the Rust Belt. <\/b><span style=\"font-weight: 400;\">The typical starter home sells for $60,000 in Detroit, the lowest of the 50 most populous U.S. metros. It\u2019s followed by Pittsburgh ($100,000) and Cleveland ($115,000).\u00a0<\/span><\/p>\n<p><b>New listings declined most in pandemic migration hotspots. <\/b><span style=\"font-weight: 400;\">New listings of starter homes dropped from a year earlier in all but one of the 50 most populous U.S metros, with the biggest declines in migration magnets. New listings fell most in Sacramento, CA (-44.8%), Phoenix (-44.3%) and Las Vegas (-43.2%). They increased 7% in Detroit.<\/span><\/p>\n<p><b>Sales fell most on the West Coast. <\/b><span style=\"font-weight: 400;\">Sales of starter homes dropped in 45 of the 50 most populous metros. They declined most year over year in Seattle (-36.5%), Sacramento (-35.9%), San Francisco (-35.4%), San Jose, CA (-34.5%) and Portland, OR (-33.9%).\u00a0<\/span><\/p>\n<p><b>Sales rose in Texas. <\/b><span style=\"font-weight: 400;\">Sales increased from a year earlier in San Antonio, TX (11.6%), Detroit (10.1%), Philadelphia (3.4%), Dallas (2.5%), and Fort Worth, TX (0.6%).\u00a0<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td colspan=\"5\"><b>Metro-level summary: Income need to afford a starter home, June 2023\u00a0<\/b><\/p>\n<p><i><span style=\"font-weight: 400;\">50 most populous U.S. metros<\/span><\/i><\/p>\n<p><i><span style=\"font-weight: 400;\">Ranked by change in income needed to afford a starter home, YoY, with biggest decline at the top<\/span><\/i><\/p>\n<p><i><span style=\"font-weight: 400;\">Income needed = income necessary to afford the typical monthly mortgage payment on the median-priced starter home.\u00a0<\/span><\/i><\/p>\n<p><i><span style=\"font-weight: 400;\">Starter home = 5th-35th percentile of homes sold, by sale price<\/span><\/i><\/td>\n<\/tr>\n<tr>\n<td><b>U.S. metro area<\/b><\/td>\n<td><b>Income needed<\/b><\/td>\n<td><b>Median sale price<\/b><\/td>\n<td><b>Median mortgage payment<\/b><\/td>\n<td><b>Change in income needed, YoY<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Francisco, CA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$241,181<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$910,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$6,030<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-4.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Austin, TX\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$92,057<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$347,340<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,301<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-3.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Phoenix, AZ\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$86,136<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$325,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,153<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Jose, CA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$245,157<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$925,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$6,129<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Sacramento, CA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$110,519<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$417,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,763<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Oakland, CA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$166,972<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$630,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$4,174<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Las Vegas, NV\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$76,860<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$290,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,922<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Seattle, WA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$141,794<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$535,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,545<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Denver, CO\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$109,989<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$415,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,750<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Los Angeles, CA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$151,070<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$570,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,777<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Portland, OR\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$109,327<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$412,500<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,733<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Anaheim, CA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$180,224<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$680,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$4,506<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Diego, CA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$161,671<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$610,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$4,042<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Riverside, CA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$104,689<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$395,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,617<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Pittsburgh, PA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$26,424<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$99,700<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$661<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Minneapolis, MN\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$68,909<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$260,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,723<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Detroit, MI\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$15,902<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$60,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$398<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Dallas, TX\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$72,885<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$275,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,822<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Washington, DC\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$90,894<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$342,950<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,272<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Philadelphia, PA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$34,985<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$132,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$875<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Nashville, TN\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$82,161<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$310,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,054<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Atlanta, GA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$68,909<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$260,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,723<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<td><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Nassau County, NY\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$124,566<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$470,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,114<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Baltimore, MD\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$54,332<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$205,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,358<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Boston, MA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$121,916<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$460,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,048<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Tampa, FL\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$66,259<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$250,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,656<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Chicago, IL\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$48,987<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$184,833<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,225<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Orlando, FL\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$67,584<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$255,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,690<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.3%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Warren, MI\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$46,381<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$175,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,160<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Kansas City, MO\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$43,731<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$165,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,093<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Houston, TX\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$57,513<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$217,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,438<\/span><\/td>\n<td><span style=\"font-weight: 400;\">13.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">New York, NY\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$116,615<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$440,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,915<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">St. Louis, MO\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$31,804<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$120,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$795<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Cleveland, OH\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$30,479<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$115,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$762<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Fort Worth, TX\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$64,933<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$245,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,623<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Virginia Beach, VA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$59,633<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$225,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,491<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Charlotte, NC\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$62,283<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$235,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,557<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">New Brunswick, NJ\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$87,461<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$330,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,187<\/span><\/td>\n<td><span style=\"font-weight: 400;\">16.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Providence, RI\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$86,666<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$327,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,167<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Cincinnati, OH\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$42,406<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$160,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,060<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Indianapolis, IN\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$42,406<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$160,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,060<\/span><\/td>\n<td><span style=\"font-weight: 400;\">17.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Columbus, OH\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$48,501<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$183,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,213<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Antonio, TX\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$55,657<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$210,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,391<\/span><\/td>\n<td><span style=\"font-weight: 400;\">18.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">West Palm Beach, FL\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$64,933<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$245,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,623<\/span><\/td>\n<td><span style=\"font-weight: 400;\">19.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Jacksonville, FL\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$63,608<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$240,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,590<\/span><\/td>\n<td><span style=\"font-weight: 400;\">19.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Montgomery County, PA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$82,161<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$310,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,054<\/span><\/td>\n<td><span style=\"font-weight: 400;\">19.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Milwaukee, WI\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$46,381<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$175,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,160<\/span><\/td>\n<td><span style=\"font-weight: 400;\">20.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Newark, NJ\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$88,787<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$335,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,220<\/span><\/td>\n<td><span style=\"font-weight: 400;\">21.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Miami, FL\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$79,510<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$300,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,988<\/span><\/td>\n<td><span style=\"font-weight: 400;\">24.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Fort Lauderdale, FL\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$58,308<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$220,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,458<\/span><\/td>\n<td><span style=\"font-weight: 400;\">27.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>National \u2013 U.S.A.<\/b><\/td>\n<td><b>$64,403<\/b><\/td>\n<td><b>$243,000<\/b><\/td>\n<td><b>$1,610<\/b><\/td>\n<td><b>12.6%<\/b><\/td>\n<\/tr>\n<tr>\n<td colspan=\"5\"><i><span style=\"font-weight: 400;\">Monthly median mortgage payments are calculated assuming the buyer made a 20% down payment, and they take that month\u2019s median sale price and average mortgage-interest rate into account. They include principal, interest, taxes and insurance.\u00a0<\/span><\/i><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rising home prices and elevated mortgage rates have pushed the income necessary to buy the typical U.S. starter home up 13% over the last year.\u00a0 New listings of starter homes are down 23%, the biggest decline since the start of the pandemic.\u00a0 San Francisco, Austin and Phoenix are the only major U.S. metros where the [&hellip;]<\/p>\n","protected":false},"author":13153,"featured_media":76560,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[20,623],"coauthors":[124],"class_list":["post-76556","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-housing-affordability","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>First-Time Buyers Need to Earn 13% More Than a Year Ago to Afford the Typical U.S. Starter Home<\/title>\n<meta name=\"description\" content=\"Rising home prices and elevated mortgage rates have pushed the income necessary to buy the typical U.S. starter home up 13% over the last year. San Francisco, Austin and Phoenix are the only major U.S. metros where the income needed to buy a starter home has dropped.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/news\/starter-homes-price-income-needed-increase\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"First-Time Buyers Need to Earn 13% More Than a Year Ago to Afford the Typical U.S. Starter Home\" \/>\n<meta property=\"og:description\" content=\"Rising home prices and elevated mortgage rates have pushed the income necessary to buy the typical U.S. starter home up 13% over the last year. San Francisco, Austin and Phoenix are the only major U.S. metros where the income needed to buy a starter home has dropped.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/news\/starter-homes-price-income-needed-increase\/\" \/>\n<meta property=\"og:site_name\" content=\"Redfin Real Estate News\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/redfin\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-28T13:00:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/house-g7ef9436e9_1280.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"914\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Dana Anderson\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@redfin\" \/>\n<meta name=\"twitter:site\" content=\"@redfin\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dana Anderson\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"11 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/starter-homes-price-income-needed-increase\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/starter-homes-price-income-needed-increase\\\/\"},\"author\":{\"name\":\"Dana Anderson\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/person\\\/309385292bf91585d2e0a130b0a2566b\"},\"headline\":\"First-Time Buyers Need to Earn 13% More Than a Year Ago to Afford the Typical U.S. Starter Home\",\"datePublished\":\"2023-07-28T13:00:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/starter-homes-price-income-needed-increase\\\/\"},\"wordCount\":2074,\"publisher\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/starter-homes-price-income-needed-increase\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/house-g7ef9436e9_1280.jpg\",\"keywords\":[\"Housing Affordability\",\"national\"],\"articleSection\":[\"Housing Market News\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2023\",\"copyrightHolder\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/starter-homes-price-income-needed-increase\\\/\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/starter-homes-price-income-needed-increase\\\/\",\"name\":\"First-Time Buyers Need to Earn 13% More Than a Year Ago to Afford the Typical U.S. Starter Home\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/starter-homes-price-income-needed-increase\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/starter-homes-price-income-needed-increase\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/house-g7ef9436e9_1280.jpg\",\"datePublished\":\"2023-07-28T13:00:13+00:00\",\"description\":\"Rising home prices and elevated mortgage rates have pushed the income necessary to buy the typical U.S. starter home up 13% over the last year. San Francisco, Austin and Phoenix are the only major U.S. metros where the income needed to buy a starter home has dropped.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/starter-homes-price-income-needed-increase\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.redfin.com/news\\\/starter-homes-price-income-needed-increase\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/starter-homes-price-income-needed-increase\\\/#primaryimage\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/house-g7ef9436e9_1280.jpg\",\"contentUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/house-g7ef9436e9_1280.jpg\",\"width\":1280,\"height\":914},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/starter-homes-price-income-needed-increase\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.redfin.com/news\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"First-Time Buyers Need to Earn 13% More Than a Year Ago to Afford the Typical U.S. Starter Home\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#website\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/\",\"name\":\"Redfin Real Estate News\",\"description\":\"The latest real estate news and research from technology-powered residential real estate company, Redfin.\",\"publisher\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/www.redfin.com/news\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#organization\",\"name\":\"Redfin\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/www.redfin.com\\\/news\\\/wp-content\\\/uploads\\\/2020\\\/10\\\/Redfin-News-Logo.png\",\"contentUrl\":\"https:\\\/\\\/www.redfin.com\\\/news\\\/wp-content\\\/uploads\\\/2020\\\/10\\\/Redfin-News-Logo.png\",\"width\":1100,\"height\":235,\"caption\":\"Redfin\"},\"image\":{\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/redfin\",\"https:\\\/\\\/x.com\\\/redfin\",\"https:\\\/\\\/www.instagram.com\\\/redfinrealestate\\\/\",\"https:\\\/\\\/www.linkedin.com\\\/company\\\/redfin\",\"https:\\\/\\\/www.pinterest.com\\\/redfin\\\/\",\"https:\\\/\\\/en.wikipedia.org\\\/wiki\\\/Redfin\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/#\\\/schema\\\/person\\\/309385292bf91585d2e0a130b0a2566b\",\"name\":\"Dana Anderson\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/Dana_Anderson_722_RT-150x150.jpg6a0821cd173d24b4c47bf9d2c09ca097\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/Dana_Anderson_722_RT-150x150.jpg\",\"contentUrl\":\"https:\\\/\\\/www.redfin.com/news\\\/wp-content\\\/uploads\\\/2023\\\/10\\\/Dana_Anderson_722_RT-150x150.jpg\",\"caption\":\"Dana Anderson\"},\"description\":\"As a data journalist at Redfin, Dana Anderson writes about the numbers behind real estate trends. Redfin is a full-service real estate brokerage that uses modern technology to make clients smarter and faster. For more information about working with a Redfin real estate agent to buy or sell a home, visit our Why Redfin page.\",\"url\":\"https:\\\/\\\/www.redfin.com/news\\\/author\\\/dana-andersonredfin-com\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"First-Time Buyers Need to Earn 13% More Than a Year Ago to Afford the Typical U.S. Starter Home","description":"Rising home prices and elevated mortgage rates have pushed the income necessary to buy the typical U.S. starter home up 13% over the last year. San Francisco, Austin and Phoenix are the only major U.S. metros where the income needed to buy a starter home has dropped.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.redfin.com\/news\/starter-homes-price-income-needed-increase\/","og_locale":"en_US","og_type":"article","og_title":"First-Time Buyers Need to Earn 13% More Than a Year Ago to Afford the Typical U.S. Starter Home","og_description":"Rising home prices and elevated mortgage rates have pushed the income necessary to buy the typical U.S. starter home up 13% over the last year. San Francisco, Austin and Phoenix are the only major U.S. metros where the income needed to buy a starter home has dropped.","og_url":"https:\/\/www.redfin.com\/news\/starter-homes-price-income-needed-increase\/","og_site_name":"Redfin Real Estate News","article_publisher":"https:\/\/www.facebook.com\/redfin","article_published_time":"2023-07-28T13:00:13+00:00","og_image":[{"width":1280,"height":914,"url":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/house-g7ef9436e9_1280.jpg","type":"image\/jpeg"}],"author":"Dana Anderson","twitter_card":"summary_large_image","twitter_creator":"@redfin","twitter_site":"@redfin","twitter_misc":{"Written by":"Dana Anderson","Est. reading time":"11 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.redfin.com\/news\/starter-homes-price-income-needed-increase\/#article","isPartOf":{"@id":"https:\/\/www.redfin.com\/news\/starter-homes-price-income-needed-increase\/"},"author":{"name":"Dana Anderson","@id":"https:\/\/www.redfin.com\/news\/#\/schema\/person\/309385292bf91585d2e0a130b0a2566b"},"headline":"First-Time Buyers Need to Earn 13% More Than a Year Ago to Afford the Typical U.S. Starter Home","datePublished":"2023-07-28T13:00:13+00:00","mainEntityOfPage":{"@id":"https:\/\/www.redfin.com\/news\/starter-homes-price-income-needed-increase\/"},"wordCount":2074,"publisher":{"@id":"https:\/\/www.redfin.com\/news\/#organization"},"image":{"@id":"https:\/\/www.redfin.com\/news\/starter-homes-price-income-needed-increase\/#primaryimage"},"thumbnailUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/house-g7ef9436e9_1280.jpg","keywords":["Housing Affordability","national"],"articleSection":["Housing Market News"],"inLanguage":"en-US","copyrightYear":"2023","copyrightHolder":{"@id":"https:\/\/www.redfin.com\/news\/#organization"}},{"@type":"WebPage","@id":"https:\/\/www.redfin.com\/news\/starter-homes-price-income-needed-increase\/","url":"https:\/\/www.redfin.com\/news\/starter-homes-price-income-needed-increase\/","name":"First-Time Buyers Need to Earn 13% More Than a Year Ago to Afford the Typical U.S. Starter Home","isPartOf":{"@id":"https:\/\/www.redfin.com\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.redfin.com\/news\/starter-homes-price-income-needed-increase\/#primaryimage"},"image":{"@id":"https:\/\/www.redfin.com\/news\/starter-homes-price-income-needed-increase\/#primaryimage"},"thumbnailUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/house-g7ef9436e9_1280.jpg","datePublished":"2023-07-28T13:00:13+00:00","description":"Rising home prices and elevated mortgage rates have pushed the income necessary to buy the typical U.S. starter home up 13% over the last year. San Francisco, Austin and Phoenix are the only major U.S. metros where the income needed to buy a starter home has dropped.","breadcrumb":{"@id":"https:\/\/www.redfin.com\/news\/starter-homes-price-income-needed-increase\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.redfin.com\/news\/starter-homes-price-income-needed-increase\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.redfin.com\/news\/starter-homes-price-income-needed-increase\/#primaryimage","url":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/house-g7ef9436e9_1280.jpg","contentUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/07\/house-g7ef9436e9_1280.jpg","width":1280,"height":914},{"@type":"BreadcrumbList","@id":"https:\/\/www.redfin.com\/news\/starter-homes-price-income-needed-increase\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.redfin.com\/news\/"},{"@type":"ListItem","position":2,"name":"First-Time Buyers Need to Earn 13% More Than a Year Ago to Afford the Typical U.S. Starter Home"}]},{"@type":"WebSite","@id":"https:\/\/www.redfin.com\/news\/#website","url":"https:\/\/www.redfin.com\/news\/","name":"Redfin Real Estate News","description":"The latest real estate news and research from technology-powered residential real estate company, Redfin.","publisher":{"@id":"https:\/\/www.redfin.com\/news\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.redfin.com\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.redfin.com\/news\/#organization","name":"Redfin","url":"https:\/\/www.redfin.com\/news\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.redfin.com\/news\/#\/schema\/logo\/image\/","url":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/10\/Redfin-News-Logo.png","contentUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2020\/10\/Redfin-News-Logo.png","width":1100,"height":235,"caption":"Redfin"},"image":{"@id":"https:\/\/www.redfin.com\/news\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/redfin","https:\/\/x.com\/redfin","https:\/\/www.instagram.com\/redfinrealestate\/","https:\/\/www.linkedin.com\/company\/redfin","https:\/\/www.pinterest.com\/redfin\/","https:\/\/en.wikipedia.org\/wiki\/Redfin"]},{"@type":"Person","@id":"https:\/\/www.redfin.com\/news\/#\/schema\/person\/309385292bf91585d2e0a130b0a2566b","name":"Dana Anderson","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/Dana_Anderson_722_RT-150x150.jpg6a0821cd173d24b4c47bf9d2c09ca097","url":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/Dana_Anderson_722_RT-150x150.jpg","contentUrl":"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2023\/10\/Dana_Anderson_722_RT-150x150.jpg","caption":"Dana Anderson"},"description":"As a data journalist at Redfin, Dana Anderson writes about the numbers behind real estate trends. Redfin is a full-service real estate brokerage that uses modern technology to make clients smarter and faster. For more information about working with a Redfin real estate agent to buy or sell a home, visit our Why Redfin page.","url":"https:\/\/www.redfin.com\/news\/author\/dana-andersonredfin-com\/"}]}},"_links":{"self":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/76556","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/users\/13153"}],"replies":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/comments?post=76556"}],"version-history":[{"count":0,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/76556\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media\/76560"}],"wp:attachment":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media?parent=76556"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/categories?post=76556"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/tags?post=76556"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/coauthors?post=76556"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}