In the current housing market, more and more first-time homebuyers are finding it increasingly difficult to afford a starter home. Redfin’s report has shown that the average salary necessary to buy a starter home in the U.S. has skyrocketed to $64,500 – an astonishing 13% leap from the previous year.
The report’s findings demonstrate that it has become more difficult for aspiring homeowners to enter the market without taking out additional loans. In addition, the current market climate makes it even tougher for those already entrenched in the housing market to expand their property portfolio. In other words, many are feeling “trapped” due to such high demands for upfront homebuyer cash.
In summary:
– The typical U.S. “starter” home now requires an average salary of $64,500 for a first-time homebuyer, representing a 13% increase from the previous year.
– This is making it more difficult for aspiring home buyers to enter the market, while further trapping those already deeply entrenched in the housing market.
– These constantly increasing demands for buyers putting more cash is making it more difficult for aspiring homeowners to make their first purchase.
You can read this full article at: https://www.housingwire.com/articles/first-time-buyers-need-to-earn-64500-to-afford-a-typical-starter-home/(subscription required)
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