Redfin, a popular internet real estate site says the average home in the US can only be afforded by workers making a salary of $115K or more. That’s a 15% year-over-year increase and the highest annual income on record to buy a home. Just to put things in perspective $115K is the top 18% of all US individual incomes. The article also goes on to say that rental rates have risen sharply in nearly every major US market. The housing market is so unaffordable that buyers need to make nearly $115K to afford the average home
Redfin, a popular internet real estate site says the average home in the US can only be afforded by workers making a salary of $115K or more. That’s a 15% year-over-year increase and the highest annual income on record to buy a home.
Just to put things in perspective $115K is the top 18% of all US individual incomes.
The article also goes on to say that rental rates have risen sharply in nearly every major US market.