That number has dropped from 36 in just four years, illustrating how rising home prices have tilted the balance of homeownershipTo calculate homeownership costs in each U.S. state, Bankrate assumes a 20% down payment, no homeowner association fees or mortgage insurance and a 30-year fixed mortgage interest rate of 7.05%. Monthly mortgage payments for each state are based on median sale price data from online broker Redfin.
The median income needed to afford a home in the U.S. overall is $110,871 — up from $76,191 in 2020. This is largely due to a longstanding shortage of homes that was exacerbated by supply chain constraints early in the pandemic. Since 2020, median home prices have However, price gains were more dramatic in states where there has been long-running demand for homes, like California and New York. Home prices in rural or Rust Belt states like Mississippi or Michigan have not increased as much as others, making them relatively more affordable for middle-class earners.to learn about common passive income streams, tips to get started and real-life success stories. Register today and save 50% with discount code EARLYBIRD.