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What Prospects Need to Earn to Buy a Home in 50 U.S. Cities

Thursday, Nov 09 2023
Originating
Written by  The Mortgage Leader

Rising interest rates and stratospheric housing costs keep pushing the dream of homeownership further away for many people. A recent infographic mapped out what prospective homebuyers need to earn to purchase a home in 50 U.S. cities.

Pat SherlockKey findings include:

  • Prospects need to earn an annual salary of nearly $100,000 to afford the median price of an American home. That median price is $371,200 based on May 2023 data from Home Sweet Home.
  • Visual Capitalist reported the salary needed to purchase a median-priced home in the U.S. has risen 28% year-over-year.
  • Potential buyers making $100,000 a year would be unable to afford the minimum mortgage payment to purchase a home in nearly half of the country’s 50 biggest cities.

For additional details, view the Visual Capitalist infographic here: “Mapped: What You Need to Earn to Own a Home in 50 American Cities.”

Pat Sherlock is the founder of QFS Sales Solutions, an organization that helps organizations improve their sales talent management and performance. For more information, visit https://patsherlock.com.

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