1101 ET - A U.S. household now needs to earn $114,000 annually to afford a median-priced home, according to Realtor.com. That's up 70.1% from $67,000 six years ago. While it's clear that buying a home has become significantly more expensive, there are optimistic signs that today's market is slowly shifting in buyers' favor. Inventory is climbing, more sellers are adjusting their prices, and buyers are beginning to gain a bit more leverage in the market. Since 2019, the income required to afford the median-priced home has risen $47,000 to $114,000. This figure assumes a 30-year fixed mortgage, a 20% down payment, and no more than 30% of gross monthly income spent on housing. Active listings are up 30.6% year-on-year, surpassing April 2020 levels. (chris.wack@wsj.com)
(END) Dow Jones Newswires
May 01, 2025 11:01 ET (15:01 GMT)
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