Redfin Reports Homeowners Need to Earn Over $50,000 More Than Renters to Afford Monthly Payments—And the Gap is Widening
Redfin Corporation (RDFN)
Last redfin corporation earnings: 2/12 04:01 pm
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Source: Business Wire
Americans need an annual income of $117,000 to afford the typical home for sale, 82% more than they need for the typical rental SEATTLE--(BUSINESS WIRE)--(NASDAQ: RDFN) — Americans need to earn $116,633 per year to afford the median priced home for sale, 81.8% more than the $64,160 needed to afford the typical apartment for rent. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.Last year, someone needed to earn $110,808 to afford the typical U.S. home for sale—73.1% more than the $64,000 needed for the typical rental. Two years ago, they needed to earn $101,341 to afford the typical home for sale—54.5% more than the $65,600 required for the typical rental. And back in 2021, they needed to earn $63,925 to afford the typical home for sale—just 17.3% more than the $54,520 required for the typical rental. Redfin considers a home affordable if a buyer taking out a mortgage spends no more than 30% of their income on their monthly hou
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