Buyers need a six-figure income to afford a 'typical' home, report finds. Here's how to reduce the cost

In October, U.S. buyers needed to earn $107,281 to afford the median monthly mortgage payment of $2,682 for a "typical home," according to Redfin.

That's 45.6% higher than the $73,668 yearly income needed to cover the median mortgage payment 12 months ago.It's no secret that it's a tough market for prospective home buyers. In October, U.S. buyers needed to earn $107,281 to afford the median monthly mortgage payment of $2,682 for a "typical home," RedfinThat's 45.6% higher than the $73,668 yearly income needed to cover the median mortgage payment 12 months ago, the report finds.

The primary reason is rising mortgage interest rates, said Melissa Cohn, regional vice president at William Raveis Mortgage. "The bottom line is mortgage rates have more than doubled since the beginning of the year," she said.

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