Redfin Reports The Typical Household Earns Roughly $30,000 Less Than Needed to Afford the Median-Priced Home - Seite 3

There are 13 major metros where homebuyers can afford the typical home while making less than six figures

In Detroit, the typical household needed to earn $46,168 to afford the median priced home in February, making it the most affordable market in the country. It was followed by Cleveland ($58,186), Pittsburgh ($61,603), St. Louis ($66,755) and Philadelphia ($73,182). The other metros where homebuyers making less than $100,000 can afford the typical home are: Indianapolis, Warren, MI, Cincinnati, Milwaukee, Kansas City, MO, Virginia Beach, VA, San Antonio and Columbus, OH.

There are 11 major metros where homebuyers make more than they need to afford a home

The typical Detroit household earns $64,018, or 39% more than the $46,168 needed to afford the $165,000 median priced home. Next comes Pittsburgh, where the typical household earns 30% more than it needs to afford a home, followed by Cleveland (29%), St. Louis (29%) and Warren (21%). The other metros where the typical household earns more than it needs to afford a home are: Indianapolis (11%), Cincinnati (20%), Baltimore (9%), Milwaukee (5%), Kansas City (4%) and Minneapolis (4%).

There are seven metros where the typical household earns over 50% less than it needs to afford a home

In Los Angeles, the typical household earns $93,315, or 60% less than the $236,079 needed to afford the $874,800 median priced home. The other metros where the typical household earns over 50% less than needed to afford a home are: Anaheim (58% less), San Francisco (58%), San Jose, CA (55%), San Diego (55%), New York (52%) and Miami (51%).

To view the full report, including charts and methodology, please visit:
https://www.redfin.com/news/income-needed-to-afford-home-february-2024

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