Home Prices Rise, Income Declines
This is a Pittsburgh news story, published by Bored Bat, that relates primarily to Fannie Mae news.
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median household incomeBored Bat
•Homebuyers need to earn 80% more than they did in 2020 to afford a home in today’s market
72% Informative
In 2020 , a household earning $ 59,000 a year could afford a typical home priced at about $240,815 .
Today , those shopping for a home need to earn $ 106,000 annually to afford a median-priced home for $ 342,941 .
That's $ 47,000 more than they needed to earn in 2020 to afford home.
Average age of entry-level buyers moved up to 36 , Fannie Mae found, up just five years ago .
Pittsburgh was the most affordable metro area , where buyers need an average household income of at least $58,232 to purchase a median-priced home.
Memphis, which required an income of $ 69,976 , Cleveland ($ 70,048 ), and Birmingham ($ 74,338 ), according to Zillow .
Seven markets among major metros where would-be buyers need to earn $ 200,000 or more to afford typical home.
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