A $420,000 home with a 7.57% mortgage rate — the current average — puts the typical U.S. homebuyer’s monthly mortgage payment at more than $2,800.
The payment is more than $1,300 higher than the average mortgage payment in 2020, when mortgage rates averaged at 2.94% and the median home price was $329,000, Redfin reported. Three years ago, you needed to earn an annual salary of $75,000 to afford that.
While buyers in every major metro area need to earn more to afford the typical home, some areas have it worse than others. In Miami and Newark, New Jersey, homebuyers must earn 33% more than just a year ago to afford the same home — putting the necessary income level at $143,000 for Miami and $160,000 for Newark.
In Austin, however, the necessary income has increased the least. Homebuyers need $126,000 to afford the median-priced home, 8% over last year. That’s still less than the average nationwide 5% wage increase from last year.According to Redfin statistics, we needed a 14.5% raise to $87,273 to afford the median-priced home of $319,990. That home would mean a monthly mortgage payment of about $2,182.Copyright 2023 by KSAT - All rights reserved.
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