Reported 2 days ago
To purchase a median-priced home in the U.S. at $429,971, prospective buyers need an annual salary ranging from $112,800 to $197,424, depending on the size of their down payment and other costs like property taxes and insurance. With a 20% down payment, monthly payments would be around $2,632, while a smaller 5% down payment could raise monthly costs to $4,607, significantly impacting affordability. First-time buyers face particular challenges, with a $36,000 gap between the average household income and the minimum salary needed for such a home.
Source: YAHOO