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The Salary You Need to Afford the Average Home Just Fell. But It’s Still Six Figures
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South Florida Reporter
By: Editor:The annual income needed to afford the typical U.S. home fell to $109,796 this year, according to a new analysis from Redfin.
By that measure, the typical household would still need to allocate 37.6% of its income to those costs, down from 39.3% a year ago.
From 2013 through 2021, more than half of U.S. listings fell within the typical buyer’s budget in nearly every month during that period.
Pittsburgh, San Francisco and West Palm Beach, Fla., saw some of the biggest increases in income needed to buy a home, largely due to rising home prices.
Buyers there now need to earn $453,205 to afford a median-priced home, up 6.2% from a year ago.