The American dream now comes with a ZIP code: Here's where starter homes are still within reach
For many would-be homeowners, the financial hurdle to buying a starter home has grown dramatically over the past seven years. The income needed to afford a typical starter home has jumped more than 80% since 2019, according to a new Realtor.com report.Americans now need an annual household income of about $78,000 to afford a typical starter home, up from roughly $43,000 in 2019—an increase that has far outpaced wage growth and left many first-time buyers struggling to break into the housing market."First-time buyers aren't sitting on the sidelines because they don't want to own a home—it's because, for many of them, it's just not possible right now," Hannah Jones, senior economist at Realtor.com, told Fox News Digital.THINK YOUR STATE IS EXPENSIVE?
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For many would-be homeowners, the financial hurdle to buying a starter home has grown dramatically over the past seven years. The income needed to afford a typical starter home has jumped more than 80% since 2019, according to a new Realtor.com report.Americans now need an annual household income of about $78,000 to afford a typical starter home, up from roughly $43,000 in 2019—an increase that has far outpaced wage growth and left many first-time buyers struggling to break into the housing market."First-time buyers aren't sitting on the sidelines because they don't want to own a home—it's because, for many of them, it's just not possible right now," Hannah Jones, senior economist at Realtor.com, told Fox News Digital.THINK YOUR STATE IS EXPENSIVE? NEW DATA REVEALS WHERE AMERICANS FACE THE HIGHEST COST-OF-LIVINGThe analysis paints a mixed picture for first-time buyers. While the supply of starter homes has slowly improved since bottoming out during the pandemic housing crunch, elevated mortgage rates, higher home prices and a lingering shortage of affordable listings continue to keep many aspiring homeowners on the sidelines.
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- What's the story?
- For many would-be homeowners, the financial hurdle to buying a starter home has grown dramatically over the past seven years. The income needed to afford a typical starter home has jumped more than 80% since 2019, according to a new Realtor.com report.Americans now need an annual household income of about $78,000 to afford a typical starter home, up from roughly $43,000 in 2019—an increase that has far outpaced wage growth and left many first-time buyers struggling to break into the housing market."First-time buyers aren't sitting on the sidelines because they don't want to own a home—it's because, for many of them, it's just not possible right now," Hannah Jones, senior economist at Realtor.com, told Fox News Digital.THINK YOUR STATE IS EXPENSIVE?
- How widely is it covered?
- 1 outlet, average source rating 6.0/10.
- When was it last updated?
- 13m ago.
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The American dream now comes with a ZIP code: Here's where starter homes are still within reach
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