Need Nearly $117K for a Typical U.S. Home? Study Reveals All
( GudangMovies21 )— Purchasing a house nowadays demands a six-figure income in most U.S. states, as reported by a new Bankrate analysis . According to the personal finance website, American households require an annual income of $116,986 to manage buying a standard home — this represents almost a 50% increase compared to early 2020, where only $78,236 was necessary. In 2020, only residents of six states required an annual salary over $100,000 to purchase a typical house. Currently, however, individuals in thirty states must earn a minimum of $100,000 yearly—significantly surpassing this threshold. median household income of $80,610 in 2023. "Given the increased mortgage rates and the unprecedented spike in national home prices, numerous potential homeowners believe that purchasing a house is unattainable," stated Mark Hamrick, a senior economic analyst at Bankrate, in the report. Hamrick pointed out that the affordability of homes differs significantly de...