Rising interest rates and stratospheric housing costs continue to push the dream of homeownership further away for many people. A recent Visual Capitalist infographic mapped out what prospective homebuyers need to earn to purchase a home in 50 U.S. cities.
Key findings include:
• Prospects need to earn an annual salary of nearly $100,000 to afford the median price of an American home – $371,200 (based on May 2023 data from Home Sweet Home).
• Visual Capitalist reported that the salary needed to purchase a median-priced home in the U.S. has risen 28% year over year.
• Potential buyers making $100K a year would be unable to afford the minimum mortgage payment to purchase a home in nearly half of the country’s 50 biggest cities.
For additional details, view the Visual Capitalist infographic here: “Mapped: What You Need to Earn to Own a Home in 50 American Cities.”