{"id":78585,"date":"2024-09-24T05:00:24","date_gmt":"2024-09-24T12:00:24","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=78585"},"modified":"2024-09-24T09:27:57","modified_gmt":"2024-09-24T16:27:57","slug":"income-needed-to-afford-home-drops-2024","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/income-needed-to-afford-home-drops-2024\/","title":{"rendered":"Buying a Home Just Got More Affordable for the First Time Since 2020"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong>Buyers need to earn $115,000 to afford the typical U.S. home, down 1% year over year. That\u2019s the first annual decline since 2020, thanks to falling mortgage rates, which just posted the first annual drop in three years.<\/strong><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong>Still, the typical household only earns $84,000\u201427% less than it needs to afford the typical home.<\/strong><\/li>\n<\/ul>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><strong>Texas is home to three of the five metros that saw the largest drops in income needed to afford a home, while the East Coast is home to four of the five with the biggest increases.<\/strong><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">U.S. homebuyers need to earn an annual income of $115,454 to afford the median priced home ($433,101). That\u2019s down 1.4% year over year\u2014the first annual decline since June 2020, when mortgage rates <\/span><a href=\"https:\/\/www.cnbc.com\/2020\/06\/11\/mortgage-rates-set-new-record-low-fall-below-3percent-on-coronavirus-fears.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">set<\/span><\/a><span style=\"font-weight: 400;\"> a new record low.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-78586\" src=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/09\/Income-Required-to-Afford-a-Home-by-Metro-2.png\" alt=\"\" width=\"1000\" height=\"800\" srcset=\"https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/09\/Income-Required-to-Afford-a-Home-by-Metro-2.png 1000w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/09\/Income-Required-to-Afford-a-Home-by-Metro-2-300x240.png 300w, https:\/\/www.redfin.com\/news\/wp-content\/uploads\/2024\/09\/Income-Required-to-Afford-a-Home-by-Metro-2-768x614.png 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">The income needed to afford a home fell because mortgage rates <\/span><a href=\"https:\/\/www.redfin.com\/news\/home-sales-lowest-since-pandemic-2024\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">posted<\/span><\/a><span style=\"font-weight: 400;\"> their first annual decline in three years. The average interest rate on a 30-year mortgage dropped to <\/span><a href=\"https:\/\/fred.stlouisfed.org\/graph\/?g=1bnGA\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">6.5%<\/span><\/a><span style=\"font-weight: 400;\"> in August <\/span><span style=\"font-weight: 400;\">from 7.07% a year earlier, and has since fallen further, now sitting at <\/span><a href=\"https:\/\/www.freddiemac.com\/pmms\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">6.09%<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is based on a Redfin analysis of the estimated median U.S. household income and median monthly housing payments as of August 2024. References to the \u201cmedian-priced\u201d home in August refer to the median sale price of homes that were purchased during the month. We consider a home affordable if a buyer taking out a mortgage spends no more than 30% of their income on their monthly housing payment.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cHousing affordability is improving for the first time in four years, so if you want to buy a home and can afford to, now could be a good time because it\u2019s unlikely to become markedly cheaper in the near future,\u201d said Redfin Senior Economist <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/elijah-delacampa\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Elijah de la Campa<\/span><\/a><span style=\"font-weight: 400;\">. \u201cMany house hunters are waiting to see if mortgage rates fall a lot further, but that <\/span><a href=\"https:\/\/www.redfin.com\/news\/mortgage-rates-fed-decision-cut\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">probably won\u2019t happen<\/span><\/a><span style=\"font-weight: 400;\"> anytime soon. That\u2019s because the Fed\u2019s latest interest rate cut and its plans for future cuts were highly anticipated, meaning they\u2019re already mostly priced into mortgage rates. When the Fed cuts short-term interest rates, long-term rates like mortgage rates don&#8217;t always move down nearly as much.&#8221;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Home prices also tend to go up over time, so waiting to buy likely means a higher price tag and down payment. It also may mean more competition because eventually, other buyers will realize rates probably won\u2019t come down substantially more and will jump into the market.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While housing affordability improved in August, the average American household still can\u2019t afford to buy a home. The typical household earns an estimated $83,853 per year, which is 27.4% less than the $115,454 they need to afford the typical house. A household on the median income would need to spend 41.3% of their earnings on housing to buy the median priced home. Any household that spends over 30% is considered \u201c<\/span><a href=\"https:\/\/www.jchs.harvard.edu\/blog\/more-42-million-us-households-were-cost-burdened-2022\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">cost burdened<\/span><\/a><span style=\"font-weight: 400;\">.\u201d Less than one-third of home listings are affordable for the typical U.S. household, down from more than half before the pandemic.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That\u2019s likely one reason many house hunters <\/span><a href=\"https:\/\/www.redfin.com\/news\/home-sales-lowest-since-pandemic-2024\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">remain on the sidelines<\/span><\/a><span style=\"font-weight: 400;\"> despite the drop in mortgage rates. Home prices are up 3% year over year and are just 2.1% below their all-time high, primarily because a shortage of homes for sale is keeping prices elevated. This is giving some buyers sticker shock. Other buyers are holding off because they\u2019re confused about the new<\/span> <a href=\"https:\/\/www.redfin.com\/news\/redfin-agents-report-nar-rules-negotiation\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">NAR rules<\/span><\/a><span style=\"font-weight: 400;\"> or are waiting to see how the presidential election shakes out.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">February 2021 was the last month on record when the typical household earned enough to afford the median priced home. Back then, the median household income was $69,021, or 5.7%<\/span><i><span style=\"font-weight: 400;\"> more<\/span><\/i><span style=\"font-weight: 400;\"> than the $65,308 needed to afford the typical home.<\/span><\/p>\n<h3><b>Texas Is Home to Three of Five Metros That Saw Biggest Drops in Income Needed to Afford a Home<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">In Austin, TX, homebuyers need to earn an annual income of $133,346 to afford the median priced home, down 7.9% year over year\u2014the largest decline among the 50 most populous U.S. metropolitan areas. Next came San Antonio (-7.1%), San Francisco (-6.2%), Oakland, CA (-5.5%) and Fort Worth, TX (-5.2%).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Those five metros saw bigger home-price declines than anywhere else in the nation last month, which is why they saw the largest improvements in affordability. San Antonio\u2019s median sale price fell 4.4% year over year\u2014the biggest drop among the top 50 metros. In second place was Austin (-4.3%), followed by San Francisco (-2.2%), Fort Worth (-1.9%) and Oakland (-1.7%). Only three other major metros saw price declines: Jacksonville, FL, Nashville and Kansas City, MO.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Texas has been <\/span><a href=\"https:\/\/www.census.gov\/construction\/bps\/data_visualizations\/index.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">building<\/span><\/a><span style=\"font-weight: 400;\"> more homes than any other state, which has put downward pressure on prices because it means homebuyers have more options to choose from. In Austin, the housing market has also <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-migration-trends-q3-2023\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">lost steam<\/span><\/a><span style=\"font-weight: 400;\"> because an influx of out-of-towners in recent years drove housing costs to unsustainable heights, leaving many buyers priced out.\u00a0<\/span><\/p>\n<h3><b>East Coast Is Home to Four of Five Metros With Biggest <\/b><b><i>Increases<\/i><\/b><b> in Income Needed to Afford a Home<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">In Philadelphia, homebuyers need to earn an annual income of $82,447 to afford the median priced home, up 5.8% year over year\u2014the steepest increase among the metros Redfin analyzed. Next came Chicago (5.4%), Nassau County, NY (4.6%), Providence, RI (2.6%) and New Brunswick, NJ (2.5%).\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These metros have seen some of the biggest jumps in home prices, which is driving up the income needed to afford a home. Home prices in Nassau County jumped 10% year over year in August\u2014a bigger increase than any other major metro. Also in the top five were Philadelphia (9.1%), Providence (7.8%) and New Brunswick (7.7%).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Many East Coast metros are dense and thus more supply-constrained than, say, Texas, which is one reason prices are rising.\u00a0<\/span><\/p>\n<h3><b>Metro-Level Housing Affordability: 50 Most Populous Metros (August 2024)*<\/b><\/h3>\n\n<table id=\"tablepress-421\" class=\"tablepress tablepress-id-421\">\n<thead>\n<tr class=\"row-1\">\n\t<th class=\"column-1\"><strong>U.S. metro area<\/strong><\/th><th class=\"column-2\"><strong>Income needed to afford median priced home<\/strong><\/th><th class=\"column-3\"><strong>Income needed to afford median priced home, YoY change<\/strong><\/th><th class=\"column-4\"><strong>Median home sale price<\/strong><\/th><th class=\"column-5\"><strong>Median home sale price, YoY change<\/strong><\/th><th class=\"column-6\"><strong>Median estimated household income<\/strong><\/th><th class=\"column-7\"><strong>Share of home listings affordable to household earning median estimated income<\/strong><\/th><th class=\"column-8\"><span style=\"color:#333333;\"><strong>Share of income typical household would need to spend to buy median priced home<\/strong><\/span><\/th>\n<\/tr>\n<\/thead>\n<tbody class=\"row-striping\">\n<tr class=\"row-2\">\n\t<td class=\"column-1\">Anaheim, CA<\/td><td class=\"column-2\">$304,404 <\/td><td class=\"column-3\">1.6%<\/td><td class=\"column-4\">$1,175,000 <\/td><td class=\"column-5\">6.8%<\/td><td class=\"column-6\">$122,028 <\/td><td class=\"column-7\">4.4%<\/td><td class=\"column-8\">74.8%<\/td>\n<\/tr>\n<tr class=\"row-3\">\n\t<td class=\"column-1\">Atlanta, GA<\/td><td class=\"column-2\">$105,578 <\/td><td class=\"column-3\">-4.0%<\/td><td class=\"column-4\">$395,000 <\/td><td class=\"column-5\">0.0%<\/td><td class=\"column-6\">$93,922 <\/td><td class=\"column-7\">34.3%<\/td><td class=\"column-8\">33.7%<\/td>\n<\/tr>\n<tr class=\"row-4\">\n\t<td class=\"column-1\">Austin, TX<\/td><td class=\"column-2\">$133,346 <\/td><td class=\"column-3\">-7.9%<\/td><td class=\"column-4\">$440,000 <\/td><td class=\"column-5\">-4.3%<\/td><td class=\"column-6\">$103,805 <\/td><td class=\"column-7\">11.8%<\/td><td class=\"column-8\">38.5%<\/td>\n<\/tr>\n<tr class=\"row-5\">\n\t<td class=\"column-1\">Baltimore, MD<\/td><td class=\"column-2\">$106,454 <\/td><td class=\"column-3\">-1.6%<\/td><td class=\"column-4\">$389,950 <\/td><td class=\"column-5\">2.6%<\/td><td class=\"column-6\">$108,719 <\/td><td class=\"column-7\">54.9%<\/td><td class=\"column-8\">29.4%<\/td>\n<\/tr>\n<tr class=\"row-6\">\n\t<td class=\"column-1\">Boston, MA<\/td><td class=\"column-2\">$199,166 <\/td><td class=\"column-3\">-2.0%<\/td><td class=\"column-4\">$730,000 <\/td><td class=\"column-5\">2.3%<\/td><td class=\"column-6\">$121,102 <\/td><td class=\"column-7\">8.9%<\/td><td class=\"column-8\">49.3%<\/td>\n<\/tr>\n<tr class=\"row-7\">\n\t<td class=\"column-1\">Charlotte, NC<\/td><td class=\"column-2\">$105,517 <\/td><td class=\"column-3\">-2.2%<\/td><td class=\"column-4\">$405,000 <\/td><td class=\"column-5\">1.4%<\/td><td class=\"column-6\">$86,178 <\/td><td class=\"column-7\">27.3%<\/td><td class=\"column-8\">36.7%<\/td>\n<\/tr>\n<tr class=\"row-8\">\n\t<td class=\"column-1\">Chicago, IL<\/td><td class=\"column-2\">$109,778 <\/td><td class=\"column-3\">5.4%<\/td><td class=\"column-4\">$352,000 <\/td><td class=\"column-5\">5.1%<\/td><td class=\"column-6\">$95,385 <\/td><td class=\"column-7\">38.5%<\/td><td class=\"column-8\">34.5%<\/td>\n<\/tr>\n<tr class=\"row-9\">\n\t<td class=\"column-1\">Cincinnati, OH<\/td><td class=\"column-2\">$81,924 <\/td><td class=\"column-3\">0.6%<\/td><td class=\"column-4\">$300,000 <\/td><td class=\"column-5\">5.3%<\/td><td class=\"column-6\">$85,795 <\/td><td class=\"column-7\">53.0%<\/td><td class=\"column-8\">28.6%<\/td>\n<\/tr>\n<tr class=\"row-10\">\n\t<td class=\"column-1\">Cleveland, OH<\/td><td class=\"column-2\">$68,029 <\/td><td class=\"column-3\">-1.5%<\/td><td class=\"column-4\">$235,000 <\/td><td class=\"column-5\">3.1%<\/td><td class=\"column-6\">$75,153 <\/td><td class=\"column-7\">57.9%<\/td><td class=\"column-8\">27.2%<\/td>\n<\/tr>\n<tr class=\"row-11\">\n\t<td class=\"column-1\">Columbus, OH<\/td><td class=\"column-2\">$97,124 <\/td><td class=\"column-3\">1.6%<\/td><td class=\"column-4\">$348,000 <\/td><td class=\"column-5\">4.8%<\/td><td class=\"column-6\">$87,754 <\/td><td class=\"column-7\">39.2%<\/td><td class=\"column-8\">33.2%<\/td>\n<\/tr>\n<tr class=\"row-12\">\n\t<td class=\"column-1\">Dallas, TX<\/td><td class=\"column-2\">$125,616 <\/td><td class=\"column-3\">-3.9%<\/td><td class=\"column-4\">$425,000 <\/td><td class=\"column-5\">0.0%<\/td><td class=\"column-6\">$97,991 <\/td><td class=\"column-7\">18.7%<\/td><td class=\"column-8\">38.5%<\/td>\n<\/tr>\n<tr class=\"row-13\">\n\t<td class=\"column-1\">Denver, CO<\/td><td class=\"column-2\">$152,537 <\/td><td class=\"column-3\">-2.7%<\/td><td class=\"column-4\">$586,000 <\/td><td class=\"column-5\">1.0%<\/td><td class=\"column-6\">$109,771 <\/td><td class=\"column-7\">19.4%<\/td><td class=\"column-8\">41.7%<\/td>\n<\/tr>\n<tr class=\"row-14\">\n\t<td class=\"column-1\">Detroit, MI<\/td><td class=\"column-2\">$55,460 <\/td><td class=\"column-3\">0.4%<\/td><td class=\"column-4\">$200,000 <\/td><td class=\"column-5\">5.3%<\/td><td class=\"column-6\">$63,851 <\/td><td class=\"column-7\">67.0%<\/td><td class=\"column-8\">26.1%<\/td>\n<\/tr>\n<tr class=\"row-15\">\n\t<td class=\"column-1\">Fort Lauderdale, FL<\/td><td class=\"column-2\">$120,904 <\/td><td class=\"column-3\">0.5%<\/td><td class=\"column-4\">$437,750 <\/td><td class=\"column-5\">4.2%<\/td><td class=\"column-6\">$78,477 <\/td><td class=\"column-7\">30.7%<\/td><td class=\"column-8\">46.2%<\/td>\n<\/tr>\n<tr class=\"row-16\">\n\t<td class=\"column-1\">Fort Worth, TX<\/td><td class=\"column-2\">$105,887 <\/td><td class=\"column-3\">-5.2%<\/td><td class=\"column-4\">$353,000 <\/td><td class=\"column-5\">-1.9%<\/td><td class=\"column-6\">$89,192 <\/td><td class=\"column-7\">18.7%<\/td><td class=\"column-8\">35.6%<\/td>\n<\/tr>\n<tr class=\"row-17\">\n\t<td class=\"column-1\">Houston, TX<\/td><td class=\"column-2\">$101,826 <\/td><td class=\"column-3\">-3.3%<\/td><td class=\"column-4\">$339,000 <\/td><td class=\"column-5\">0.3%<\/td><td class=\"column-6\">$88,638 <\/td><td class=\"column-7\">27.9%<\/td><td class=\"column-8\">34.5%<\/td>\n<\/tr>\n<tr class=\"row-18\">\n\t<td class=\"column-1\">Indianapolis, IN<\/td><td class=\"column-2\">$83,935 <\/td><td class=\"column-3\">-0.6%<\/td><td class=\"column-4\">$311,623 <\/td><td class=\"column-5\">3.9%<\/td><td class=\"column-6\">$85,955 <\/td><td class=\"column-7\">50.4%<\/td><td class=\"column-8\">29.3%<\/td>\n<\/tr>\n<tr class=\"row-19\">\n\t<td class=\"column-1\">Jacksonville, FL<\/td><td class=\"column-2\">$98,570 <\/td><td class=\"column-3\">-4.4%<\/td><td class=\"column-4\">$365,000 <\/td><td class=\"column-5\">-1.3%<\/td><td class=\"column-6\">$83,560 <\/td><td class=\"column-7\">28.7%<\/td><td class=\"column-8\">35.4%<\/td>\n<\/tr>\n<tr class=\"row-20\">\n\t<td class=\"column-1\">Kansas City, MO<\/td><td class=\"column-2\">$90,652 <\/td><td class=\"column-3\">-3.0%<\/td><td class=\"column-4\">$329,918 <\/td><td class=\"column-5\">0.0%<\/td><td class=\"column-6\">$89,985 <\/td><td class=\"column-7\">46.4%<\/td><td class=\"column-8\">30.2%<\/td>\n<\/tr>\n<tr class=\"row-21\">\n\t<td class=\"column-1\">Las Vegas, NV<\/td><td class=\"column-2\">$113,095 <\/td><td class=\"column-3\">1.5%<\/td><td class=\"column-4\">$442,195 <\/td><td class=\"column-5\">6.6%<\/td><td class=\"column-6\">$78,008 <\/td><td class=\"column-7\">14.4%<\/td><td class=\"column-8\">43.5%<\/td>\n<\/tr>\n<tr class=\"row-22\">\n\t<td class=\"column-1\">Los Angeles, CA<\/td><td class=\"column-2\">$236,654 <\/td><td class=\"column-3\">-1.0%<\/td><td class=\"column-4\">$900,000 <\/td><td class=\"column-5\">3.6%<\/td><td class=\"column-6\">$93,072 <\/td><td class=\"column-7\">0.6%<\/td><td class=\"column-8\">76.3%<\/td>\n<\/tr>\n<tr class=\"row-23\">\n\t<td class=\"column-1\">Miami, FL<\/td><td class=\"column-2\">$145,334 <\/td><td class=\"column-3\">-1.1%<\/td><td class=\"column-4\">$538,888 <\/td><td class=\"column-5\">2.6%<\/td><td class=\"column-6\">$71,653 <\/td><td class=\"column-7\">7.0%<\/td><td class=\"column-8\">60.8%<\/td>\n<\/tr>\n<tr class=\"row-24\">\n\t<td class=\"column-1\">Milwaukee, WI<\/td><td class=\"column-2\">$96,180 <\/td><td class=\"column-3\">1.8%<\/td><td class=\"column-4\">$346,000 <\/td><td class=\"column-5\">8.0%<\/td><td class=\"column-6\">$83,770 <\/td><td class=\"column-7\">38.6%<\/td><td class=\"column-8\">34.4%<\/td>\n<\/tr>\n<tr class=\"row-25\">\n\t<td class=\"column-1\">Minneapolis, MN<\/td><td class=\"column-2\">$107,157 <\/td><td class=\"column-3\">-1.5%<\/td><td class=\"column-4\">$389,000 <\/td><td class=\"column-5\">2.4%<\/td><td class=\"column-6\">$106,283 <\/td><td class=\"column-7\">45.0%<\/td><td class=\"column-8\">30.2%<\/td>\n<\/tr>\n<tr class=\"row-26\">\n\t<td class=\"column-1\">Montgomery County, PA<\/td><td class=\"column-2\">$140,026 <\/td><td class=\"column-3\">-0.6%<\/td><td class=\"column-4\">$500,000 <\/td><td class=\"column-5\">4.2%<\/td><td class=\"column-6\">$123,291 <\/td><td class=\"column-7\">35.1%<\/td><td class=\"column-8\">34.1%<\/td>\n<\/tr>\n<tr class=\"row-27\">\n\t<td class=\"column-1\">Nashville, TN<\/td><td class=\"column-2\">$116,322 <\/td><td class=\"column-3\">-4.8%<\/td><td class=\"column-4\">$455,000 <\/td><td class=\"column-5\">-0.2%<\/td><td class=\"column-6\">$91,014 <\/td><td class=\"column-7\">19.0%<\/td><td class=\"column-8\">38.3%<\/td>\n<\/tr>\n<tr class=\"row-28\">\n\t<td class=\"column-1\">Nassau County, NY<\/td><td class=\"column-2\">$210,385 <\/td><td class=\"column-3\">4.6%<\/td><td class=\"column-4\">$715,000 <\/td><td class=\"column-5\">10.0%<\/td><td class=\"column-6\">$144,778 <\/td><td class=\"column-7\">10.5%<\/td><td class=\"column-8\">43.6%<\/td>\n<\/tr>\n<tr class=\"row-29\">\n\t<td class=\"column-1\">New Brunswick, NJ<\/td><td class=\"column-2\">$163,024 <\/td><td class=\"column-3\">2.5%<\/td><td class=\"column-4\">$560,000 <\/td><td class=\"column-5\">7.7%<\/td><td class=\"column-6\">$118,833 <\/td><td class=\"column-7\">19.4%<\/td><td class=\"column-8\">41.2%<\/td>\n<\/tr>\n<tr class=\"row-30\">\n\t<td class=\"column-1\">New York, NY<\/td><td class=\"column-2\">$210,750 <\/td><td class=\"column-3\">-1.1%<\/td><td class=\"column-4\">$750,000 <\/td><td class=\"column-5\">3.2%<\/td><td class=\"column-6\">$96,209 <\/td><td class=\"column-7\">7.8%<\/td><td class=\"column-8\">65.7%<\/td>\n<\/tr>\n<tr class=\"row-31\">\n\t<td class=\"column-1\">Newark, NJ<\/td><td class=\"column-2\">$183,860 <\/td><td class=\"column-3\">1.0%<\/td><td class=\"column-4\">$620,000 <\/td><td class=\"column-5\">6.0%<\/td><td class=\"column-6\">$109,116 <\/td><td class=\"column-7\">12.6%<\/td><td class=\"column-8\">50.5%<\/td>\n<\/tr>\n<tr class=\"row-32\">\n\t<td class=\"column-1\">Oakland, CA<\/td><td class=\"column-2\">$242,123 <\/td><td class=\"column-3\">-5.5%<\/td><td class=\"column-4\">$900,000 <\/td><td class=\"column-5\">-1.7%<\/td><td class=\"column-6\">$135,542 <\/td><td class=\"column-7\">11.0%<\/td><td class=\"column-8\">53.6%<\/td>\n<\/tr>\n<tr class=\"row-33\">\n\t<td class=\"column-1\">Orlando, FL<\/td><td class=\"column-2\">$109,387 <\/td><td class=\"column-3\">-1.7%<\/td><td class=\"column-4\">$407,500 <\/td><td class=\"column-5\">2.1%<\/td><td class=\"column-6\">$79,995 <\/td><td class=\"column-7\">19.2%<\/td><td class=\"column-8\">41.0%<\/td>\n<\/tr>\n<tr class=\"row-34\">\n\t<td class=\"column-1\">Philadelphia, PA<\/td><td class=\"column-2\">$82,447 <\/td><td class=\"column-3\">5.8%<\/td><td class=\"column-4\">$300,000 <\/td><td class=\"column-5\">9.1%<\/td><td class=\"column-6\">$72,742 <\/td><td class=\"column-7\">45.3%<\/td><td class=\"column-8\">34.0%<\/td>\n<\/tr>\n<tr class=\"row-35\">\n\t<td class=\"column-1\">Phoenix, AZ<\/td><td class=\"column-2\">$115,233 <\/td><td class=\"column-3\">-3.3%<\/td><td class=\"column-4\">$455,000 <\/td><td class=\"column-5\">2.0%<\/td><td class=\"column-6\">$89,287 <\/td><td class=\"column-7\">15.3%<\/td><td class=\"column-8\">38.7%<\/td>\n<\/tr>\n<tr class=\"row-36\">\n\t<td class=\"column-1\">Pittsburgh, PA<\/td><td class=\"column-2\">$69,813 <\/td><td class=\"column-3\">0.8%<\/td><td class=\"column-4\">$250,000 <\/td><td class=\"column-5\">5.9%<\/td><td class=\"column-6\">$79,756 <\/td><td class=\"column-7\">62.2%<\/td><td class=\"column-8\">26.3%<\/td>\n<\/tr>\n<tr class=\"row-37\">\n\t<td class=\"column-1\">Portland, OR<\/td><td class=\"column-2\">$151,074 <\/td><td class=\"column-3\">-2.1%<\/td><td class=\"column-4\">$560,000 <\/td><td class=\"column-5\">2.3%<\/td><td class=\"column-6\">$101,288 <\/td><td class=\"column-7\">12.7%<\/td><td class=\"column-8\">44.7%<\/td>\n<\/tr>\n<tr class=\"row-38\">\n\t<td class=\"column-1\">Providence, RI<\/td><td class=\"column-2\">$135,995 <\/td><td class=\"column-3\">2.6%<\/td><td class=\"column-4\">$496,000 <\/td><td class=\"column-5\">7.8%<\/td><td class=\"column-6\">$90,398 <\/td><td class=\"column-7\">9.3%<\/td><td class=\"column-8\">45.1%<\/td>\n<\/tr>\n<tr class=\"row-39\">\n\t<td class=\"column-1\">Riverside, CA<\/td><td class=\"column-2\">$154,433 <\/td><td class=\"column-3\">-0.3%<\/td><td class=\"column-4\">$580,000 <\/td><td class=\"column-5\">4.3%<\/td><td class=\"column-6\">$90,555 <\/td><td class=\"column-7\">7.2%<\/td><td class=\"column-8\">51.2%<\/td>\n<\/tr>\n<tr class=\"row-40\">\n\t<td class=\"column-1\">Sacramento, CA<\/td><td class=\"column-2\">$156,101 <\/td><td class=\"column-3\">-3.2%<\/td><td class=\"column-4\">$585,000 <\/td><td class=\"column-5\">1.0%<\/td><td class=\"column-6\">$100,017 <\/td><td class=\"column-7\">7.0%<\/td><td class=\"column-8\">46.8%<\/td>\n<\/tr>\n<tr class=\"row-41\">\n\t<td class=\"column-1\">San Antonio, TX<\/td><td class=\"column-2\">$91,926 <\/td><td class=\"column-3\">-7.1%<\/td><td class=\"column-4\">$304,999 <\/td><td class=\"column-5\">-4.4%<\/td><td class=\"column-6\">$79,921 <\/td><td class=\"column-7\">25.6%<\/td><td class=\"column-8\">34.5%<\/td>\n<\/tr>\n<tr class=\"row-42\">\n\t<td class=\"column-1\">San Diego, CA<\/td><td class=\"column-2\">$235,214 <\/td><td class=\"column-3\">-3.3%<\/td><td class=\"column-4\">$895,000 <\/td><td class=\"column-5\">1.1%<\/td><td class=\"column-6\">$108,206 <\/td><td class=\"column-7\">1.7%<\/td><td class=\"column-8\">65.2%<\/td>\n<\/tr>\n<tr class=\"row-43\">\n\t<td class=\"column-1\">San Francisco, CA<\/td><td class=\"column-2\">$381,265 <\/td><td class=\"column-3\">-6.2%<\/td><td class=\"column-4\">$1,450,000 <\/td><td class=\"column-5\">-2.2%<\/td><td class=\"column-6\">$159,451 <\/td><td class=\"column-7\">6.1%<\/td><td class=\"column-8\">71.7%<\/td>\n<\/tr>\n<tr class=\"row-44\">\n\t<td class=\"column-1\">San Jose, CA<\/td><td class=\"column-2\">$402,793 <\/td><td class=\"column-3\">-0.5%<\/td><td class=\"column-4\">$1,539,250 <\/td><td class=\"column-5\">4.4%<\/td><td class=\"column-6\">$169,806 <\/td><td class=\"column-7\">5.2%<\/td><td class=\"column-8\">71.2%<\/td>\n<\/tr>\n<tr class=\"row-45\">\n\t<td class=\"column-1\">Seattle, WA<\/td><td class=\"column-2\">$221,193 <\/td><td class=\"column-3\">0.0%<\/td><td class=\"column-4\">$825,000 <\/td><td class=\"column-5\">4.4%<\/td><td class=\"column-6\">$126,140 <\/td><td class=\"column-7\">11.2%<\/td><td class=\"column-8\">52.6%<\/td>\n<\/tr>\n<tr class=\"row-46\">\n\t<td class=\"column-1\">St. Louis, MO<\/td><td class=\"column-2\">$74,184 <\/td><td class=\"column-3\">-1.0%<\/td><td class=\"column-4\">$269,900 <\/td><td class=\"column-5\">3.8%<\/td><td class=\"column-6\">$85,635 <\/td><td class=\"column-7\">59.6%<\/td><td class=\"column-8\">26.0%<\/td>\n<\/tr>\n<tr class=\"row-47\">\n\t<td class=\"column-1\">Tampa, FL<\/td><td class=\"column-2\">$102,556 <\/td><td class=\"column-3\">-3.4%<\/td><td class=\"column-4\">$380,000 <\/td><td class=\"column-5\">0.0%<\/td><td class=\"column-6\">$75,120 <\/td><td class=\"column-7\">21.0%<\/td><td class=\"column-8\">41.0%<\/td>\n<\/tr>\n<tr class=\"row-48\">\n\t<td class=\"column-1\">Virginia Beach, VA<\/td><td class=\"column-2\">$94,154 <\/td><td class=\"column-3\">-1.2%<\/td><td class=\"column-4\">$350,000 <\/td><td class=\"column-5\">2.9%<\/td><td class=\"column-6\">$88,672 <\/td><td class=\"column-7\">39.5%<\/td><td class=\"column-8\">31.9%<\/td>\n<\/tr>\n<tr class=\"row-49\">\n\t<td class=\"column-1\">Warren, MI<\/td><td class=\"column-2\">$89,561 <\/td><td class=\"column-3\">1.3%<\/td><td class=\"column-4\">$322,500 <\/td><td class=\"column-5\">5.7%<\/td><td class=\"column-6\">$94,128 <\/td><td class=\"column-7\">50.2%<\/td><td class=\"column-8\">28.5%<\/td>\n<\/tr>\n<tr class=\"row-50\">\n\t<td class=\"column-1\">Washington, D.C.<\/td><td class=\"column-2\">$153,253 <\/td><td class=\"column-3\">-1.8%<\/td><td class=\"column-4\">$565,000 <\/td><td class=\"column-5\">2.7%<\/td><td class=\"column-6\">$137,049 <\/td><td class=\"column-7\">40.4%<\/td><td class=\"column-8\">33.5%<\/td>\n<\/tr>\n<tr class=\"row-51\">\n\t<td class=\"column-1\">West Palm Beach, FL<\/td><td class=\"column-2\">$130,489 <\/td><td class=\"column-3\">0.3%<\/td><td class=\"column-4\">$481,000 <\/td><td class=\"column-5\">4.6%<\/td><td class=\"column-6\">$84,876 <\/td><td class=\"column-7\">27.7%<\/td><td class=\"column-8\">46.1%<\/td>\n<\/tr>\n<tr class=\"row-52\">\n\t<td class=\"column-1\"><strong>National\u2014U.S.A.<\/strong><\/td><td class=\"column-2\"><strong>$115,454 <\/strong><\/td><td class=\"column-3\"><strong>-1.4%<\/strong><\/td><td class=\"column-4\"><strong>$433,101 <\/strong><\/td><td class=\"column-5\"><strong>3.0%<\/strong><\/td><td class=\"column-6\"><strong>$83,853 <\/strong><\/td><td class=\"column-7\"><strong>31.2%<\/strong><\/td><td class=\"column-8\"><strong>41.3%<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<!-- #tablepress-421 from cache -->\n<p><em>*Note: This table was updated at 9:27am PT on Sept. 24, 2024 to include the correct metro-level data.<\/em><\/p>\n<h3><b>Methodology<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">This is according to a Redfin analysis of U.S. incomes (incomes are estimated for 2023 and 2024) and median monthly housing payments for sold homes.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We consider a home \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 using the prevailing median home sale price and average mortgage-interest rate, and assume a 15% down payment. Incomes for 2023 and 2024 are estimated using the U.S. Census Bureau\u2019s (ACS) 2022 median household income and 12-month moving average nominal wage growth rates 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 mortgage insurance. In this report, the word \u201chomebuyer\u201d refers to someone who is taking out a loan to finance their purchase.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Buyers need to earn $115,000 to afford the typical U.S. home, down 1% year over year. That\u2019s the first annual decline since 2020, thanks to falling mortgage rates, which just posted the first annual drop in three years. Still, the typical household only earns $84,000\u201427% less than it needs to afford the typical home. Texas [&hellip;]<\/p>\n","protected":false},"author":13346,"featured_media":78587,"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":[125],"class_list":["post-78585","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 v27.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Buying a Home Just Got More Affordable for First Time Since 2020<\/title>\n<meta name=\"description\" content=\"Buyers need to earn $115,000 to afford the typical home, down 1% year over year. 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