U.S. Households Need $115K/year for Median-Priced HomeBy Kerry SmithIn Fla., median income is less in six metros and higher in three, ranging from an $88.7K yearly income in Lakeland (up 13.4% year
U.S. Households Need $115K year for Median-Priced Home - Floirda - Tampa Bay Real Estate
Dated: October 19 2023
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U.S. Households Need $115K/year for Median-Priced Home
In Fla., median income is less in six metros and higher in three, ranging from an $88.7K yearly income in Lakeland (up 13.4% year-to-year) to $143K in Miami (up 33.4%).
SEATTLE – The average U.S. household must earn $114,627 to afford a median-priced U.S. home, up 15% ($15,285) year-to-year and more than 50% since the start of the pandemic – the highest annual income necessary to afford a home on record, according to a report from Redfin.
In the nine Florida metros listed in the study, it’s more affordable in six and less affordable in three. A Lakeland family needs only $88,639 for a median home, though that’s still 13.4% more than they needed one year earlier. In Miami, that family needs $143,187 – a notably high 33.4% increase in one year. Miami’s year-to-year uptick was the highest in the U.S.
Florida metro – Yearly income needed – Year-to-year change
- Cape Coral: $108,249, up 16.9%
- Fort Lauderdale: $114,549, up 22.2%
- Jacksonville: $99,549, up 15.2%
- Lakeland: $88,639, up 13.4%
- Miami: $143,187, up 33.4%
- North Port: $123,888, up 17.4%
- Orlando: $108,597, up 18.5%
- Tampa: $103,613, up 17.3%
- West Palm Beach: $125,459, up 24.4%
“In a homebuyer’s ideal world, rising mortgage rates would push demand and home prices down enough to make up for high interest payments, but that’s not what’s happening now: Although new listings are ticking up slightly, inventory is still near record lows as homeowners hang onto their low mortgage rates – and that’s propping up prices,” says Redfin Economics Research Lead Chen Zhao.
“Buyers – particularly first-timers who are committed to getting into a home now – should think outside the box. Consider a condo or townhouse, which is less expensive than a single-family home, and/or consider moving to a more affordable part of the country or a more affordable suburb.”
The typical U.S. homebuyer’s monthly mortgage payment now is $2,866, an all-time high and up 20% from $2,395 a year earlier. As a comparison, the typical monthly payment was $1,581 in August 2020, based on that month’s average mortgage rate of 2.94% and median home price of $329,000.
The typical American household earns about $40,000 less than the income needed to buy a median-priced home – roughly $75,000 in 2022, the most recent year for available data. Hourly wages rose in 2023, but not as fast as the income needed to buy a home.
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he information contained herein has been provided by REALTORS® Association of Citrus County, Inc. This information is from sources deemed reliable but not guaranteed by REALTORS® Association of Citrus County, Inc. The information is for consumers' personal, non-commerical use and may not be used for any purpose other than identifying properties which consumers may be interested in purchasing. The information contained in this web site is believed to be reliable but is not guaranteed.
All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data relating
