{"id":8209,"date":"2023-10-18T21:06:05","date_gmt":"2023-10-18T21:06:05","guid":{"rendered":"https:\/\/topat10.com\/the-housing-market-is-so-unaffordable-that-buyers-need-to-make-nearly-115k-to-afford-the-average-home-redfin-says-thats-40k-more-than-average-earnings\/"},"modified":"2023-10-18T21:06:05","modified_gmt":"2023-10-18T21:06:05","slug":"the-housing-market-is-so-unaffordable-that-buyers-need-to-make-nearly-115k-to-afford-the-average-home-redfin-says-thats-40k-more-than-average-earnings","status":"publish","type":"post","link":"https:\/\/topat10.com\/?p=8209","title":{"rendered":"The housing market is so unaffordable that buyers need to make nearly $115K to afford the average home, Redfin says\u2014that\u2019s $40k more than average earnings"},"content":{"rendered":"\n

Maybe you didn\u2019t know just how unaffordable the housing market has gotten. Americans now need to earn more than six figures in order to purchase a median-priced home, according to calculations in a new Redfin report<\/a>. That\u2019s a lot more than the average American makes, to say the least.\u00a0<\/p>\n

\n

A prospective homebuyer needs to make $114,627 to afford a home, the brokerage and real-estate research firm says. That\u2019s a 15% year-over-year increase and the highest annual income on record to buy a home. This is a problem considering that median household income was $74,580 in 2022\u2014about $40,000 shy of what\u2019s needed to meet Redfin\u2019s target. (Redfin\u2019s reporting takes into account income, average monthly mortgage payments, and current mortgage rates.)<\/p>\n

And this doesn\u2019t even consider regional variation, or famously expensive markets such as New York City. Just to rent an apartment in Gotham, most landlords will require that your annual income equals at least 40 to 45 times the monthly rent<\/a>.\u00a0<\/p>\n

\u201cWhile the income needed to purchase a median-priced home in the U.S. is higher than the average income of most American households, it is now more expensive to rent homes and apartments in most markets,\u201d Maureen McDermut, a realtor with Sotheby\u2019s International-Montecito, tells Fortune<\/em>. \u201cNew York City, Chicago, and Los Angeles have all seen dramatic increases in the price to rent a home.\u201d (McDermut started her 20-year career selling commercial real estate in Los Angeles.)<\/p>\n

Plus, \u201cthe reality is that renting will usually cost more in the long run, as it comes with the opportunity cost of not building equity or wealth,\u201d McDermut says.<\/p>\n

\u2018Renters and buyers alike are affected\u2019<\/h2>\n

It has to do with the difference between how your salary looks (in most cases pretax) and how you need to come up with cold hard cash in the rental market. For instance, back in December 2020, prospective NYC renters needed to earn more than $10,000 (pretax) each month to meet the $3,100 median rent at the time. Fast forward to today, however, and average monthly rent in Manhattan hit an all-time high this summer at $4,400\u2014meaning that renters would need to make a whopping $176,000 per year (pretax) to even be eligible to rent.<\/p>\n

\u201cThis trajectory, while concurrent with what we\u2019ve observed in the realm of homeownership, accentuates a broader theme: escalating housing costs,\u201d John Walkup, co-founder of NYC real estate analytics company UrbanDigs<\/a>, tells Fortune<\/em>. \u201cThe fact that rental costs have followed a similar upward trend as home prices underscores that renters and buyers alike are affected.\u201d\u00a0<\/p>\n

It\u2019s important to consider, of course, that places like NYC are an extreme example of rent prices. When looking generally at buying versus renting from a monthly payment perspective, \u201crenting is more affordable than borrowing to buy a home in most metro areas,\u201d Daryl Fairweather, Redfin\u2019s chief economist, tells Fortune<\/em>. In fact, there are only four major markets, as defined by Redfin, where it\u2019s cheaper to buy than to rent: Detroit, Philadelphia, Cleveland and Houston.\u00a0<\/p>\n

The strain on housing affordability is largely driven by mortgage rates, which just hit 8% on Wednesday, and rising home prices, which have increased 5% year-to-date.\u00a0<\/p>\n

Indeed, housing affordability is the worst<\/a> it\u2019s been this century, with mortgage rates exceeding 7%<\/a> and home prices that are up 5% year-to-date. Monthly mortgage payments reached an all-time high of more than $2,800 per month, Redfin data shows.\u00a0<\/p>\n

But one-fourth of homeowners were paying more than $3,000 per month as of July, leaving many of them house-poor<\/a>. Meanwhile, average U.S. monthly earnings in July 2023<\/a> were just $4,600, according to economic data firm CEIC. That means some homeowners could be spending more than 60% of their paychecks on their mortgage\u2014much higher than what is considered affordable. A monthly mortgage payment is considered affordable if the homebuyer \u201cspends no more than 30% of their income on housing,\u201d Fairweather says.<\/p>\n

\u201cIn a homebuyer\u2019s ideal world, rising mortgage rates would push demand and home prices down enough to make up for high interest payments. But that\u2019s not what\u2019s happening now,\u201d Chen Zhao, Redfin economics research lead, said in a statement. \u201cAlthough new listings are ticking up slightly, inventory is still near record lows as homeowners hang onto their low mortgage rates\u2014and that\u2019s propping up prices.\u201d<\/p>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"

Maybe you didn\u2019t know just how unaffordable the housing market has gotten. Americans now need to earn more than six figures in order to purchase a median-priced home, according to calculations in a new Redfin report. That\u2019s a lot more than the average American makes, to say the least.\u00a0 A prospective homebuyer needs to make […]<\/p>\n","protected":false},"author":49,"featured_media":8210,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[123],"tags":[],"class_list":["post-8209","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"\nThe housing market is so unaffordable that buyers need to make nearly $115K to afford the average home, Redfin says\u2014that\u2019s $40k more than average earnings | Unlock Informed Choices with Us<\/title>\n<meta name=\"description\" content=\"That's $40,000 more than the average household earnings in the country.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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Lake","author_link":"https:\/\/topat10.com\/?author=49"},"uagb_comment_info":1,"uagb_excerpt":"Maybe you didn\u2019t know just how unaffordable the housing market has gotten. Americans now need to earn more than six figures in order to purchase a median-priced home, according to calculations in a new Redfin report. That\u2019s a lot more than the average American makes, to say the least.\u00a0 A prospective homebuyer needs to make…","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/topat10.com\/index.php?rest_route=\/wp\/v2\/posts\/8209","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/topat10.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/topat10.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/topat10.com\/index.php?rest_route=\/wp\/v2\/users\/49"}],"replies":[{"embeddable":true,"href":"https:\/\/topat10.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=8209"}],"version-history":[{"count":0,"href":"https:\/\/topat10.com\/index.php?rest_route=\/wp\/v2\/posts\/8209\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/topat10.com\/index.php?rest_route=\/wp\/v2\/media\/8210"}],"wp:attachment":[{"href":"https:\/\/topat10.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=8209"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/topat10.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=8209"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/topat10.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=8209"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}