Buying a house in these metro areas is increasingly unaffordable
Data: Redfin; Note: Assumes 5% down and mortgage payments of 30% of income; Chart: Sara Wise/Axios
Homebuyers in Tampa need to earn 48% more now than they did a year ago in order to afford the median-priced home, according to aThis is an obvious hit to affordability for buyers. While wages are up in the U.S. since last year — around 6% higher — they're certainly not rising this fast.—Sunbelt cities like Tampa, Phoenix and Las Vegas are seeing a surge in home prices, in part because of an influx of remote workers moving in from pricier coastal cities.
"They're coming in with cash from selling their home or just from higher incomes," said Taylor Marr, deputy chief economist at Redfin who did this analysis. Folks moving in from out of state have budgets that are 20%-30% higher than locals, he said, looking at the price range of what they're searching on the real estate site.It's not just individual homeowners. Investors are also flocking to these metro areas, further driving up prices.
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