Zillow reports that home buyers would need to make $106,500 to comfortably afford a home, well above the typical U.S. household income of $81,000. With housing costs rising, a monthly mortgage payment on a U.S. home has risen to $2,188. Home values have also increased by 42.4% over the past four years.
Prospective home buyers in the market for a house will have to earn more money to purchase one. Zillow said in a recent report that home buyers would need to make $106,500 ($47,000 more today) to comfortably afford a home, which is well above what a typical U.S. household earns each year, estimated at $81,000. In 2020, a household making $59,000 per year could comfortably afford the monthly mortgage on a home, spending no more than 30% of its income with a 10% down payment.
According to Zillow, this was below the U.S. median income of roughly $66,000, meaning more than half of households have the money to afford a home. With housing costs skyrocketing over the past four years, a monthly mortgage payment on a U.S. home now has risen to $2,188. Additionally, home values have increased 42.4% over the past four years, with homes now worth $343,000. Zillow listed cities where the household income needed to purchase a home is the highest and lowest
Home Buyers Zillow Household Income Mortgage Payment Housing Costs Home Values
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