Soaring home prices mean first-time buyers need to be making 13% more money than a year ago to afford a 'starter' home

• A first-time homebuyer needs to earn 13% more money to afford a starter home, per a Redfin analysis.
• The average starter home cost $243,000 in June, sending the income needed to afford it to $64,500 per year.
• "The most affordable homes for sale are no longer affordable to people with lower budgets" due to rising prices and rates. 

First-time buyers need to be making around 13% more compared to a year ago to afford a starter home, according to a new Redfin analysis.