Redfin Reports Homebuyers Need to Earn $35,000 More Than Renters to Afford Monthly Payments—the Smallest Gap in 3 Years
Rocket Companies, Inc. Class A (RKT)
Company Research
Source: Business Wire
Homebuyers need to earn $111,000 annually to afford the median-priced home, compared with $76,000 for renters. The median household income is $86,000.The rent-versus-buy gap is shrinking in every major metro except Detroit. It’s narrowing most in San Jose, Sacramento and Seattle. SEATTLE--(BUSINESS WIRE)--Americans need to earn $111,252 per year to afford the typical U.S. home for sale. That’s 46.3% more than the $76,020 they need to afford the typical rental, according to new reports from Redfin (redfin.com), the real estate brokerage powered by Rocket.While that’s a significant gap, it’s the smallest it has been in three years. A year ago, a family would have needed $115,870 annually to afford the typical home listing, 55.6% more than the $74,464 required for the typical rental. The gap peaked at 66.2% ($120,609 needed to buy, versus $72,572 needed to rent) in late 2023.Redfin considers a home affordable if a buyer or renter spends no more than 30% of their income on their monthl
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- Affordability Is Improving: Buyers Must Earn $111,000 to Afford the Typical Home, Down 4% From Last YearBusiness Wire
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