Want to buy a house now?  Here's how much money you need

Want to buy a house now? Here’s how much money you need

Evidence continues to mount that buying a home has become too expensive, leading some to believe that the American dream of home ownership is slipping away.

Exhibit A is a new study by Redfin indicating that US buyers need an income of $107,281 to buy a typical home. The report also noted that the median monthly payment for a new home was $2,682, as of October 2022.

“The income required to buy a home then soared in 2022 as mortgage rates rose at their fastest rate in history, reaching 7% at the end of October (compared to 3% in January),” the study notes. . “House prices have also continued to rise for much of the year, although they have now started to decline from their peak and year-over-year growth has now slowed to about 3%.”

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