Why it’s more expensive than ever to buy a home

The income needed to afford a typical home has increased by 80% over the past four years, according to a new report from Zillow.  

In 2020, an annual income of $59,000 could afford the monthly mortgage payment on a typical home, which was below the U.S. median income of about $66,000.  

Now, a household needs to earn about $106,500 to “comfortably afford” the mortgage payment on a typical home, according to the report. This is well above the typical U.S. income of $81,000.  

Read more: Zillow 

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