Business Insider, March 26, 2024, Housing Affordability Has Improved, But Not By Much
According to Redfin, prospective buyers in the US need to make $114,000 a year to afford the median-priced home. That’s 35% more than the typical US household median income of $84,072.Â
In terms of location, buyers in San Antonio, Texas only needed to earn 1% more than last year to afford a typical home in February – the smallest increase among metro areas. On the flip side, buyers in Anaheim, California were hit by the nation’s biggest housing affordability crunch, as they needed 20% more income compared to the previous year.
