Skyrocketing mortgage rates and rising home prices have made it harder than ever to afford a home, especially for first-time buyers.
, up 15% from a year ago and up more than 50% since the start of the pandemic, according to a recent report fromThis is based on a Redfin analysis that compares median monthly mortgage payments for homebuyers in August 2023 and August 2022. Study results used monthly median mortgage payments calculated assuming the buyer made a 20% down payment, and take that month’s median sale price and average mortgage-interest rate into account.
Coming in at No. 1. is the Bay Area, where you'll need to earn more than $400,000 to afford a median-priced home in the San Francisco-San Jose metro area. Following the Bay are
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