Homebuyers need to earn 87% more than in pre-COVID years to afford a starter home, Redfin says

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buying a home

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A third of Gen Z and millennial homebuyers plan to use family money for a down payment amid sky-high housing costs

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Homebuyers have to earn 80% more than they did pre-covid to comfortably afford a house today.
Homebuyers have to earn 80% more than they did pre-covid to comfortably afford a house today.

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Housing affordability has improved, but not by much

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home buyers
US homebuyers need to make $114,000 a year to afford a median-priced home, Redfin says.

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The US housing market added $2 trillion in value last year, boosted by a nationwide shortage of homes for sale

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A house with a for sale sign in the front.
The typical US homebuyer’s monthly mortgage payment soared to a record high in April, according to Redfin.

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Home foreclosures are at their highest level since the start of the pandemic as the 'financial aftermath' take a toll on buyers

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A home foreclosure sign.
A home foreclosure sign.

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