Middle-income homebuyers have $30,000 more buying power than a year ago, research finds. It's still not enough
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While the amount that a median-income household can afford is higher than it was a year ago, it is still below the median price for a single-family home.
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When it comes to buying a house, affordability continues to slowly improve. U.S. households that have a median income — an estimated $86,300 — and enough money for a 20% down payment can now afford a $331,483 home, up $30,302 from $301,181 a year ago, according to a new report from Zillow. By "afford," Zillow means that the monthly mortgage payment, including insurance and property taxes , would be under 30% of a household's income. "A $30,000 increase in buying power can open up a different neighborhood, bigger home or a home with fewer compromises," the report says. Read more CNBC personal finance coverage Average IRS tax refund is up 10.6%, early filing data shows GOP 'big beautiful bill' to deal 'shock' to the ACA marketplace: health experts As millions claim Trump's 'no tax on overtime' deduction, filers risk mistakes S&P 500 shrugs off 1% daily drops all the time. Investors can too, advisors say Where investors can look for stability as the Iran war rattles markets What the Iran war market turmoil means for those nearing retirement Musk says Grok can help with your taxes. What experts say about AI and tax prep New bill would update anti-poverty program, 'a critical lifeline': Warren There's a push to cut capital gains taxes on home sales to add supply for buyers Iran war and your portfolio: Historical stock market patterns investors should know Trump says '401 s are way up' — but workers are tapping them at record rates AI, layoffs spur workers to want a career change, survey finds — but few may do it Poor coordination can cost couples an average $14,000 in retirement wealth Gold price jumps on Middle East turmoil. What to know before investing What student loan borrowers need to know about judge's ruling on SAVE plan CNBC's Financial Advisor 100: Best financial advisors, top firms ranked The improvement is at least partly due to interest rates that have come down slowly. The average rate on a fixed 30-year mortgage was 5.99% as of Feb. 27 but has since ticked...
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