“We cannot predict when these conditions will improve, but we should be aware that home availability and prices vary greatly across the country.
As well as within larger communities or metropolitan areas,” stated Mark Hamrick, Bankrate’s senior economic analyst. “A mix of patience and adaptability is required.”
The pre-tax income required to purchase a median-priced, or “typical,” home was the main focus of the study.
On its website, Bankrate stated, “We estimated monthly mortgage payments in all 50 U.S. states, the District of Columbia, and nationwide using median home sale price data from Redfin.
Homeowners insurance data from Quadrant, and property tax data from ATTOM.”
“We calculated the minimum income required to purchase a typical home this year after making assumptions about the homebuyer (a 20% down payment, for instance).”
