33 Cities Where You Need To Earn Six Figures To Afford a Typical Home
The median household income in the U.S. — $77,719 — is no longer enough to afford a median-priced home. The median home price nationwide is now $438,000, which means you would need a household income of $123,226 to afford to buy a home if you make a 20% down payment.
While there are some major cities where you can afford a typical home earning less than six figures, that has become the exception and not the rule, according to a new Clever Real Estate study. The study found the income needed to afford a home with a 20% down payment in the 50 largest cities, and it turns out you need a household income of at least $100,000 to afford it in 33 of them.
Here’s a look at the major cities where you need a six-figure household income to afford a typical home, ranked by affordability based on the local median income.
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