A new report from Zillow finds that some people are relying on financial gifts to help cover the cost of a down payment for a home or moving to low-cost cities to find affordable housing.
Prospective home buyers in the market for a house will have to earn more money to purchase one.Zillow said in a recent report that home buyers would need to make $106,500 to comfortably afford a home, which is well above what a typical U.S. household earns each year, estimated at $81,000. In 2020, a household making $59,000 per year could comfortably afford the monthly mortgage on a home, spending no more than 30% of its income with a 10% down payment. According to Zillow, this was below the U.
Additionally, home values have increased 42.4% over the past four years, with homes now worth $343,000. Zillow listed cities where the household income needed to purchase a home is the highest and lowest.Zillow notes that a household making the median income in today’s housing market would have to save up for nearly 8.5 years to put 10% down on a typical home, a year longer, compared to 2020.
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