According to a recent Bankrate analysis, the average American household will require a six-figure income in 2025 in order to afford a home.
According to Bankrate’s Housing Affordability Study, a “typical home” in the United States requires a household income of roughly $117,000 per year.
According to analysts, that number has increased by about 50% since the beginning of 2020.
Just six states including Washington, D.C., required homebuyers to have a six-figure salary in 2020. Currently, almost 30 states have that situation.
According to Bankrate, a number of variables, such as high mortgage rates and the general increase in housing prices, are to blame.
The U.S. housing market is the most challenging in decades, according to Bankrate experts.
