{"id":19986,"date":"2023-06-08T11:21:11","date_gmt":"2023-06-08T15:21:11","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/a-family-earning-75000-can-afford-fewer-than-25-of-homes-for-sale-five-years-ago-they-could-afford-50\/"},"modified":"2023-06-08T11:21:13","modified_gmt":"2023-06-08T15:21:13","slug":"a-family-earning-75000-can-afford-fewer-than-25-of-homes-for-sale-five-years-ago-they-could-afford-50","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=19986","title":{"rendered":"A family earning $75,000 can afford fewer than 25% of homes for sale. Five years ago, they could afford 50%."},"content":{"rendered":"
\n

American households earning the median wage are seeing the pool of homes they can afford shrink, according to a new report by the National Association of Realtors and Realtor.com, published on Wednesday.\u00a0<\/p>\n

A family earning an annual income of $75,000 per year or less \u2014 about 51% of households \u2014\u00a0can afford to buy a home up to $256,000. They could afford just 23% or 262, 580 of the existing 1.1 million home listings in April 2023.<\/p>\n

\n

That share has shrunk considerably over the last five years: In April 2018, a household earning $75,000 a year \u2014\u00a0which could afford a $281,480 home \u2014\u00a0had 810,000 listings in their price range, which was just under 50%.<\/p>\n

\u201cThere are even fewer homes available for sale that middle-income buyers can afford to buy now than in 2018,\u201d the report stated.<\/p>\n

\u201cIt\u2019s more expensive to build a home, due to inflation and supply chain disruptions we had in the past,\u201d Nadia Evangelou, senior economist at the NAR, told MarketWatch in an interview.\u00a0<\/p>\n

For home buyers who are struggling to afford to purchase a home in their city, \u201cyou can broaden your search area to more affordable areas,\u201d she added.<\/p>\n

<\/p>\n
\n

\n \u201c<\/span>\u2018It\u2019s more expensive to build a home, due to inflation and supply chain disruptions we had in the past.\u2019\u201d<\/span>\n <\/p>\n


\n \u2014 Nadia Evangelou, senior economist at the NAR<\/span>
\n <\/small><\/p><\/div>\n<\/p><\/div>\n

The most expensive real-estate markets in the U.S. were \u201csurprisingly\u201d affordable to its residents, the NAR said.\u00a0<\/p>\n

While typical homes in West Coast markets like San Francisco, San Jose, and San Diego are frequently priced above $850,000, the NAR didn\u2019t consider there to be a big shortage of affordable homes since the median income in most of these areas was above $150,000, the report said.\u00a0<\/p>\n

For a typical worker in San Jose who was earning $150,000 a year, they had 1,340 listings they could choose from that were under $850,000.<\/p>\n

The largest shortage of affordable homes priced $260,000 was in El Paso, Texas, followed by Boise City, Idaho, and Spokane, Wash., according to the report.\u00a0<\/p>\n

In Boise City, buyers earning $75,000 a year could only afford to buy just 2% of the listings, the NAR said.<\/p>\n

Particularly in Boise, home prices shot up over the last few years, Evangelou said, by almost 70% according to the NAR data.<\/p>\n

On the flip side, the parts of the Midwest had an oversupply of affordable homes. Three Ohio cities took the top spot: Youngstown, Toledo, Akron.<\/p>\n

Buyers earning $75,000 in Youngstown, for instance, can afford 72% of the homes listed for sale, the NAR said.<\/p>\n

Cleveland, Ohio, Syracuse, N.Y., and Pittsburgh, Pa. followed.<\/p>\n

(Realtor.com is operated by News Corp subsidiary Move Inc., and MarketWatch is a unit of Dow Jones, also a subsidiary of News Corp.)<\/p>\n

Are you a homebuyer, seller, realtor or mortgage broker? Reach out to share your story with MarketWatch\u2019s housing reporter Aarthi Swaminathan at aarthi@marketwatch.com<\/em><\/strong><\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

American households earning the median wage are seeing the pool of homes they can afford shrink, according to a new report by the National Association of Realtors and Realtor.com, published on Wednesday.\u00a0 A family earning an annual income of $75,000 per year or less \u2014 about 51% of households \u2014\u00a0can afford to buy a home […]<\/p>\n","protected":false},"author":1,"featured_media":19987,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-19986","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nA family earning $75,000 can afford fewer than 25% of homes for sale. 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