First-Time Buyers Must Earn $120,000 to Afford the Average Home
The median home is unaffordable for the average American in 44 of the 50 largest
That's about
The last year that the median buyer put down 20% was 1989, according to data from the National Association of Realtors (NAR). Today, the median buyer puts down just 15% of a home's purchase price.
The median
A median-income family aiming to afford a median-priced home would need a hefty 45% down payment, or mortgage rates would need to drop from the current rate of 7.2% to 4% to make it work.
Even with a savings rate of
As it stands, 61% of Americans find themselves priced out of the market even with a 20% down payment.
The median home is affordable for median earners in just four states (West
Pittsburgh, PA Cleveland, OH St. Louis, MO Memphis, TN Indianapolis, IN Birmingham, AL
Unsurprisingly,
Read the full report at: http://www.listwithclever.com/research/how-much-house-can-i-afford-2024
About Clever Real Estate
Clever Real Estate is a technology company that produces educational real estate content reaching over 10 million readers annually, and its nationwide agent matching service has a 5.0-star Trustpilot rating across 2,300+ customer reviews. Since launching in 2017, Clever has reached
Please contact
CONTACT:
Clever Real Estate
[email protected]
724-719-0406
View original content to download multimedia:https://www.prnewswire.com/news-releases/first-time-buyers-must-earn-120-000-to-afford-the-average-home-302124222.html
SOURCE Clever Real Estate
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- The Most Important Commute by Zum Founder and CEO Ritu Narayan Named #1 Amazon Bestseller in Education Administration
- New Shareholder Structure and Governance at Racing Club de Lens
- OMNIS ENERGY: SIX OBJECTIONS SET STAGE FOR SEPTEMBER 3 PLEASANTS BANKRUPTCY HEARING
Create E-mail Alert Related Categories
PRNewswire, Press ReleasesSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!



Tweet
Share