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Buyers Must Earn News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Buyers Must Earn $115,000 Annually To Qualify For A Typical Home In The U S , Which Is $40,000 More Than The Average Income — Expert Recommends Think-Outside-The-Box Approach For Prospective Homeowners

The dream of owning a home is becoming more challenging for many Americans, highlighted by the sharp rise in mortgage rates and the continual climb of home prices. A typical homebuyer now needs an income of $114,627 to afford a median-priced home in the U.S., a 15% ($15,285) increase from a year ago and a 50% jump since the start of the pandemic, according to Redfin data. This situation is particularly tough for first-time buyers who are facing the highest income requirement on record to secure

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