Fox News: Americans Now Need an Annual Salary Of $110,871 to Afford a Median-Priced Home, Up from $75,939 in 2020

TRANSCRIPT:

WILLIS: "The average homebuyer needs to make over $110,000 to afford the average home. A new bank rates study showing that the required salary to make that purchase has jumped 46 in just four years. Homebuyers only needed to make $76,000 back in 2020. And the issue widespread, you now need a six-figure salary to buy the average home in 23 states, including the District of Columbia. Four years ago, that number was just six. Mortgage rates, of course, have played a small role in the bump, but home prices have by and large kept pace with the needed salary to buy them. The average home up 42 percent, sitting at f$412,000. Now, even though the housing market may be pricing people out, people shouldn’t be too quick to think that renting is the solution. Since President Biden took office, rents are up nearly 21 percent."