That's just 0.5% lower than the record high of $110,382 a year ago, meaning the income needed to buy a home has changed very little over the past year. Even with those gains, according to Redfin, the typical household still earns about $22,200 less than what's needed to purchase the median-priced home and be financially comfortable. Even so, she said many prospective first-time buyers remain on the sidelines because the typical household still earns far less than what's needed to afford a home and be financially comfortable. The typical homebuyer would need to spend 37.6% of their income on a median-priced home, down from 39.3% last year. Redfin said the decline comes as median household income increased from $84,257 to $87,599, while the income needed to afford a home remained largely unchanged.