It now takes an income of over six figures to afford the average home – By Mary Chao (Scripps News) / Oct 23, 2023
Aimee Wiles-Banion is a teacher in Florida looking to buy a home with her salary of under $50,000. She plans to work a second job.
In the midst of her home search in Saint Johns, Florida, Aimee Wiles-Banion is finding out just how difficult it is. With mortgage interest rates inching up to 8% and limited inventory, Wiles-Banion is struggling to find a home she can afford, especially on her teacher’s salary of under $50,000.
“It’s been a big emotional roller coaster,” said Wiles-Banion, 53.
As home prices and interest rates continue to rise, the cost of a home is now more expensive than ever for Americans.
According to a study this month from Redfin, a homebuyer must make $114,627 to afford a median-priced home in the United States. That figure is up 15%, or $15,285, from a year ago, and up more than 50% since the start of the pandemic. It is currently the highest on record.
