The Rising Cost of Homeownership: Americans Must Earn a Record $115,000 to Afford a Typical Home

According to a report from Redfin, Americans are finding it increasingly difficult to afford a home in Florida due to high mortgage rates and rising home prices. To afford a median-priced home in the US, buyers must now earn $114,627, up 15% from a year ago and over 50% since the start of the pandemic. Redfin also noted that the average household earns about $40,000 less than the income needed to buy a median-priced home. The report suggests considering alternatives like condos or townhouses, moving to more affordable areas, or suburbs. In Florida, the annual income required to afford a median-priced home ranges from $88,639 in Lakeland to $143,187 in Miami.