{"id":78461,"date":"2024-08-29T05:30:04","date_gmt":"2024-08-29T12:30:04","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78461"},"modified":"2024-08-28T10:46:38","modified_gmt":"2024-08-28T17:46:38","slug":"starter-home-affordability-july-2024","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/starter-home-affordability-july-2024\/","title":{"rendered":"Homebuyers Must Earn Nearly $80,000 to Afford the Typical U.S. Starter Home, Just Shy of the All-Time High"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Homebuyers need to earn roughly $80,000 to afford the median-priced starter home, up 4.4% from last summer and only about $500 below the all-time high. That makes starter homes just barely affordable to families earning the median U.S. income, and unaffordable to families earning less than the median income.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">In half of the 50 most populous U.S. metros, a family earning the local median income can\u2019t afford a starter home. The gap is biggest in Los Angeles and Anaheim, where a family needs to earn double the local median income to buy a starter home.\u00a0<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">There are a few bright spots: Starter home listings are up, and mortgage rates are coming down.<\/span><\/i><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The monthly housing payment for the typical U.S. starter home that sold in July was $1,981, up 4.4% from a year earlier.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That means homebuyers must earn $79,252 annually to afford the typical starter home, also up 4.4% year over year and just a few hundred dollars shy of last October\u2019s all-time high.\u00a0<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone wp-image-78464 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/starter-homes-chart-7.png\" alt=\"\" width=\"614\" height=\"437\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/starter-homes-chart-7.png 614w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/starter-homes-chart-7-300x214.png 300w\" sizes=\"(max-width: 614px) 100vw, 614px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">This is according to a Redfin analysis of estimated U.S. incomes, and median monthly housing payments for starter homes sold in July 2024. This report is focused on homes whose sale price fell into the 5th-35th percentile, which we define as starter homes. A home is considered \u201caffordable\u201d if a buyer spends no more than 30% of their income on housing, assuming a 3.5% down payment. There are more methodology details at the end of this report.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Americans need to earn more than a year ago\u2013and much more than before the pandemic\u2013to\u00a0 afford a starter home because mortgage rates are elevated and home prices are near record highs. The average mortgage rate was <\/span><a href=\"https:\/\/www.redfin.com\/news\/existing-home-sales-july-2024\/\"><span style=\"font-weight: 400;\">6.85%<\/span><\/a><span style=\"font-weight: 400;\"> in July, down slightly from its springtime peak but still more than double pandemic-era lows. The typical starter home sold for a record <\/span><a href=\"https:\/\/www.redfin.com\/news\/starter-homes-july-2024\/\"><span style=\"font-weight: 400;\">$250,000<\/span><\/a><span style=\"font-weight: 400;\"> in July, up 4.2% year over year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Rising prices have pushed many middle-income Americans to buy starter homes, and pushed many lower-income households out of the market altogether. The typical U.S. household earns an estimated $83,966, just barely more than necessary to afford a starter home. But many people in the market for starter homes make less than the median U.S. income. A family earning 80% or less of the median income\u2013$67,173 or less\u2013 cannot afford the typical starter home. Wages are increasing, but not as fast as the income needed to buy a starter home: Average hourly earnings were <\/span><a href=\"https:\/\/fred.stlouisfed.org\/series\/CES0500000003#0\"><span style=\"font-weight: 400;\">up 3.6%<\/span><\/a><span style=\"font-weight: 400;\"> year over year in July.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Roughly 70% of U.S. starter homes are affordable to the median-earning household, down from about 73% a year ago and near the record low.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With housing affordability so strained, starter homes are a hot commodity; lower-income families, middle-income families and investors are all vying for them. Pending sales of starter homes rose 10% year over year in July to their highest level in nearly two years, while they dropped in all other price tiers. Rising demand for starter homes is one reason prices are at a record high.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThere are neighborhoods here that are both desirable and affordable, with homes selling in the $150,000 to $350,000 range. But first-time buyers are struggling because those homes typically get at least five offers,\u201d said <a href=\"https:\/\/www.redfin.com\/real-estate-agents\/ben-ambroch\">Ben Ambroch<\/a>, a Redfin Premier agent in Milwaukee. \u201cI recently listed a house for $210,000 and it received several bids, one of which included an offer to buy the seller pizza every Friday night until the deal closed. We ended up going with a higher offer, but that\u2019s an example of the creativity we\u2019re seeing as buyers compete for starter homes.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The housing affordability crisis is a <\/span><a href=\"https:\/\/www.redfin.com\/news\/gen-z-housing-affordability-important-vote\/\"><span style=\"font-weight: 400;\">major issue<\/span><\/a><span style=\"font-weight: 400;\"> in this year\u2019s presidential election.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cBoth <\/span><a href=\"https:\/\/www.redfin.com\/news\/potential-harris-presidency-housing-market\/\"><span style=\"font-weight: 400;\">Kamala Harris<\/span><\/a><span style=\"font-weight: 400;\"> and <\/span><a href=\"https:\/\/www.redfin.com\/news\/potential-trump-presidency-housing-market\/\"><span style=\"font-weight: 400;\">Donald Trump<\/span><\/a><span style=\"font-weight: 400;\"> have promised to make homeownership more affordable, but only Harris has signaled that housing is a top priority,\u201d said Redfin Chief Economist <a href=\"https:\/\/www.redfin.com\/news\/author\/darylfairweather\/\">Daryl Fairweather<\/a>. \u201cHer plan to build 3 million new homes could make starter homes more affordable for the average American family. One pathway Harris has suggested for accomplishing that goal is through incentives to local governments and subsidies for builders of affordable housing. That could help battle the severe starter-home shortage, particularly in expensive coastal markets. Harris has also promised $25,000 in down-payment assistance for first-time buyers, which could boost homeownership in midwestern markets where people may be able to afford mortgage payments, but not necessarily down payments.\u201d<\/span><\/p>\n<h3>Southern California homebuyers must earn double the local median income to buy a starter home<\/h3>\n<p><span style=\"font-weight: 400;\">In half of the 50 most populous U.S. metros, a family earning the local median income can\u2019t afford to buy a starter home.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The affordability gap for starter homes is biggest in California. In both Anaheim and Los Angeles, a family would need to earn <\/span><i><span style=\"font-weight: 400;\">twice <\/span><\/i><span style=\"font-weight: 400;\">the local income to afford a starter home. Anaheim\u2019s median income is $122,192; a family needs to earn $251,302 to afford the typical starter home. In Los Angeles, the median income is $93,197 and a household needs to earn $184,477 for a starter home. The gap is only slightly smaller in San Diego, San Francisco and San Jose.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s tough to afford even a starter home in much of California because even though residents tend to earn more money than some other parts of the country, it\u2019s not enough to afford the state\u2019s ultra-high home prices. Among the pool of starter homes on the market in many California metros, virtually none are affordable to someone earning the median income.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cHomes in the Bay Area are so expensive that even many high-earning tech employees have been priced out of the area, so they\u2019re looking at neighboring cities,\u201d said <a href=\"https:\/\/www.redfin.com\/real-estate-agents\/craig-pellegrini\">Craig Pellegrini<\/a>, a Redfin Premier agent in the San Jose area. \u201cI have one client who wanted to buy in Palo Alto, but they can\u2019t afford it anymore so they\u2019re looking in Sunnyvale and Santa Clara. That\u2019s pricing out a lot of lower earners in those neighboring cities completely.\u201d<\/span><\/p>\n<h3>Typical Detroit family earns more than twice what they need to afford a starter home<\/h3>\n<p><span style=\"font-weight: 400;\">Starter homes are most affordable to median-earning families in the Rust Belt. In Detroit, where the median household income is $63,937, a family needs to earn $24,590 to buy the typical starter home. That makes Detroit more affordable than any other major U.S. metro for starter homes.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Next comes St. Louis, where the typical household earns $85,750 and a household needs $42,218 for a starter home. Pittsburgh, Cleveland and Philadelphia round out the top five.\u00a0<\/span><\/p>\n<h3>The income needed to buy a starter home declined in Austin\u2013and nowhere else<\/h3>\n<p><span style=\"font-weight: 400;\">In Austin, a family needs to earn $117,781 to afford the median-priced starter home. That\u2019s down 2.5% from a year ago, making it the only major metro that saw a decline; that\u2019s because home prices have been falling all year in the Texas capital. But still, an Austin household earning the local median income of $103,945 can\u2019t afford a starter home.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The income needed to afford a starter home has increased most in Chicago (+22.5%), Detroit (+19.5%), Cleveland (+15.6%), Cincinnati (+14.7%) and Pittsburgh (+14.6%), as home prices have increased. But the median-earning household can still afford a starter home in those metros.\u00a0<\/span><\/p>\n<h3>There are a few bright spots for starter-home buyers:<\/h3>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>There are more starter homes to choose from. <\/b><span style=\"font-weight: 400;\">Listings of starter homes were up <\/span><a href=\"https:\/\/www.redfin.com\/news\/starter-homes-july-2024\/\"><span style=\"font-weight: 400;\">nearly 20%<\/span><\/a><span style=\"font-weight: 400;\"> year over year nationwide in July, much bigger than the 4.1% increase for mid-priced homes. That gives prospective starter-home buyers in some parts of the U.S. more inventory to choose from.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Mortgage rates are coming down. <\/b><span style=\"font-weight: 400;\">The average weekly mortgage rate was <\/span><a href=\"https:\/\/www.freddiemac.com\/pmms\"><span style=\"font-weight: 400;\">6.46%<\/span><\/a><span style=\"font-weight: 400;\"> as of August 22, down from 7.22% in May and a two-decade high of 7.79% last October.\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Growth in income needed to afford a starter home is slowing. <\/b><span style=\"font-weight: 400;\">The 4.4% year-over-year increase in income necessary to afford a starter home is one of the smallest since the start of 2021. For comparison, the increase was 14% in July 2023.<\/span><\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"alignnone wp-image-78463 size-full\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/unnamed-18.png\" alt=\"\" width=\"618\" height=\"486\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/unnamed-18.png 618w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/08\/unnamed-18-300x236.png 300w\" sizes=\"(max-width: 618px) 100vw, 618px\" \/><\/p>\n<table>\n<tbody>\n<tr>\n<td colspan=\"6\"><b>Metro-level summary: Income needed to afford a starter home, July 2024<\/b><\/p>\n<p><i><span style=\"font-weight: 400;\">50 most populous U.S. metros<\/span><\/i><\/td>\n<\/tr>\n<tr>\n<td><b>U.S. metro area<\/b><\/td>\n<td><b>Median sale price of starter home<\/b><\/td>\n<td><b>Median monthly mortgage payment for starter home<\/b><\/td>\n<td><b>Estimated median household income (2024)<\/b><\/td>\n<td><b>Income needed to afford a starter home<\/b><\/td>\n<td><b>Income needed to afford a starter home, YoY change<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Anaheim, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$740,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$6,283<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$122,192<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$251,302<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Atlanta, GA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$267,500<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,166<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$94,048<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$86,647<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Austin, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$327,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,945<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$103,945<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$117,781<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-2.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Baltimore, MD<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$220,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,855<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$108,865<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$74,214<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Boston, MA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$496,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$4,211<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$121,265<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$168,440<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Charlotte, NC<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$259,500<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,035<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$86,294<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$81,380<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Chicago, IL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$210,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,978<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$95,513<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$79,119<\/span><\/td>\n<td><span style=\"font-weight: 400;\">22.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Cincinnati, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$185,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,523<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$85,910<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$60,900<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Cleveland, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$130,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,130<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$75,255<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$45,192<\/span><\/td>\n<td><span style=\"font-weight: 400;\">15.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Columbus, OH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$200,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,672<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$87,872<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$66,897<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Dallas, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$275,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,459<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$98,122<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$98,370<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Denver, CO<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$419,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,306<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$109,919<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$132,234<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Detroit, MI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$70,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$615<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$63,937<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$24,590<\/span><\/td>\n<td><span style=\"font-weight: 400;\">19.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Fort Lauderdale, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$225,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,928<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$78,583<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$77,137<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Fort Worth, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$245,250<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,162<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$89,312<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$86,474<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Houston, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$220,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,955<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$88,758<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$78,180<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Indianapolis, IN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$175,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,433<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$86,071<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$57,310<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Jacksonville, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$240,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,943<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$83,672<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$77,704<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Kansas City, MO<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$185,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,527<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$90,106<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$61,073<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Las Vegas, NV<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$300,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,320<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$78,113<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$92,793<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Los Angeles, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$615,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$4,612<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$93,197<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$184,477<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Miami, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$320,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,641<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$71,749<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$105,657<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Milwaukee, WI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$195,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,711<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$83,882<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$68,445<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Minneapolis, MN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$268,200<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,234<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$106,426<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$89,361<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Montgomery County, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$326,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,598<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$123,457<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$103,903<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Nashville, TN<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$310,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,425<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$91,136<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$97,018<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Nassau County, NY<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$530,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$4,701<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$144,973<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$188,038<\/span><\/td>\n<td><span style=\"font-weight: 400;\">10.7%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">New Brunswick, NJ<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$350,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,080<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$118,993<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$123,187<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">New York, NY<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$455,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$4,142<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$96,338<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$165,668<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Newark, NJ<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$380,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,402<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$109,263<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$136,075<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Oakland, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$629,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$4,850<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$135,725<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$194,004<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Orlando, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$267,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,173<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$80,102<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$86,903<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Philadelphia, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$140,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,151<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$72,840<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$46,059<\/span><\/td>\n<td><span style=\"font-weight: 400;\">11.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Phoenix, AZ<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$325,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,502<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$89,407<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$100,070<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Pittsburgh, PA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$122,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,037<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$79,863<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$41,493<\/span><\/td>\n<td><span style=\"font-weight: 400;\">14.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Portland, OR<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$415,740<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,395<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$101,424<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$135,797<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.9%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Providence, RI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$360,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,056<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$90,520<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$122,255<\/span><\/td>\n<td><span style=\"font-weight: 400;\">9.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Riverside, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$408,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,072<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$90,677<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$122,884<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Sacramento, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$430,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,651<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$100,152<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$146,027<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.2%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Antonio, TX<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$205,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,836<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$80,029<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$73,435<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Diego, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$652,750<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$4,949<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$108,352<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$197,978<\/span><\/td>\n<td><span style=\"font-weight: 400;\">6.8%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Francisco, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$950,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$7,136<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$159,665<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$285,426<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Jose, CA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$970,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$7,485<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$170,034<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$299,414<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Seattle, WA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$560,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$4,552<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$126,310<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$182,060<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">St. Louis, MO<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$127,500<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,055<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$85,750<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$42,218<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.4%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Tampa, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$250,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,037<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$75,221<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$81,499<\/span><\/td>\n<td><span style=\"font-weight: 400;\">3.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Virginia Beach, VA<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$244,900<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,992<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$88,791<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$79,679<\/span><\/td>\n<td><span style=\"font-weight: 400;\">7.1%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Warren, MI<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$187,600<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,588<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$94,254<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$63,524<\/span><\/td>\n<td><span style=\"font-weight: 400;\">8.5%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Washington, DC<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$365,000<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,984<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$137,234<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$119,361<\/span><\/td>\n<td><span style=\"font-weight: 400;\">5.0%<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">West Palm Beach, FL<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$248,250<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,061<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$84,990<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$82,431<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.6%<\/span><\/td>\n<\/tr>\n<tr>\n<td colspan=\"6\"><i><span style=\"font-weight: 400;\">Monthly median mortgage payments are calculated assuming the buyer made a 3.5% down payment, and they take that month\u2019s median sale price and average mortgage rates into account. They include principal, interest, taxes and insurance.\u00a0<\/span><\/i><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h3>Methodology<\/h3>\n<p><span style=\"font-weight: 400;\">This is according to a Redfin analysis of estimated U.S. incomes, and median monthly housing payments for starter homes sold in July 2024. Here\u2019s how we define \u201cstarter home\u201d for the purposes of this report: Our analysis divides all U.S. properties into five buckets based on Redfin Estimates of homes\u2019 market values as of July 2024. 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 homes whose sale price fell into the 5th-35th percentile of the Redfin Estimate tier.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We calculated how much annual income is needed to afford the median-priced 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;\">Monthly median housing payments are calculated assuming the buyer made a 3.5% down payment, and take that month\u2019s median sale price and average mortgage-interest rate into account. The national income data in this analysis is adjusted for inflation using the Consumer Price Index. 2024 income is estimated based on projections from the U.S. Census Bureau\u2019s (ACS) 2022 median household income using the 12-month moving average nominal wage growth rate compiled from the Current Population Survey and reported by the Federal Reserve Bank of Atlanta.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The typical housing payments noted in this report include the mortgage principal, interest, property taxes, homeowners\u2019 insurance, and when applicable, mortgage insurance. In this report, the word \u201chomebuyer\u201d is used to refer to someone who is taking out a loan to finance their purchase.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Homebuyers need to earn roughly $80,000 to afford the median-priced starter home, up 4.4% from last summer and only about $500 below the all-time high. That makes starter homes just barely affordable to families earning the median U.S. income, and unaffordable to families earning less than the median income. In half of the 50 most [&hellip;]<\/p>\n","protected":false},"author":13153,"featured_media":78465,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","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":"set","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":[27,8],"tags":[20,623],"dashboard":[],"coauthors":[124],"class_list":["post-78461","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability","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 v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Homebuyers Must Earn Nearly $80,000 to Afford the Typical U.S. Starter Home, Just Shy of the All-Time High<\/title>\n<meta name=\"description\" content=\"In half of the 50 most populous U.S. metros, a family earning the median local income can\u2019t afford a starter home. 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