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Study Shows Buyers Need Six-Figure Income to Afford Homes in Half of US States

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A new study reveals that buyers need a substantial six-figure income to afford a home in almost half of the states in the country. An industry expert warns that the situation is not expected to improve in the near future, with no signs of improvement in housing supply and mortgage rates. Home prices have remained steady, making it difficult to anticipate any price correction. The expert advises buyers who need or want to move to do so, as there is no indication of a large increase in housing supply.

A new study shows buyers require a substantial six-figure income to afford a home in almost half of the states in the country, and an industry expert cautions that the situation is not expected to improve in the near future. "There’s no sign that things will get better for buyers," Bankrate analyst Jeff Ostrowski told FOX Business, referring to both housing supply and mortgage rates. Since conditions aren't likely to get better over the coming months.

Ostrowski said buyers that need or want to move should do so. In most parts of the country, home prices have held steady, and "it's hard to envision any type of price correction coming," Ostrowski said. REAL ESTATE EXPERT'S ADVICE TO HOMEBUYERS: 'DON'T BUY' YOUR AMERICAN DREAM HOME NOW For one, he said there is no indication that there will be a large amount of new supply hitting the market. On top of that, the "lock-in effect" continues to persis

 

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