Where homebuyers need $200K salary

Ruiqi Chen
November 22, 2022

Soaring mortgage rates and high sales prices are putting homeownership out of reach for an increasing number of Americans. In the nation's eight least affordable housing markets — seven Californian cities along with Seattle — prospective buyers must now make at least $200,000 a year to afford a typical monthly payment for a 30-year mortgage, according to a Redfin study. In some of those cities, they need to earn a whole lot more. An annual income of nearly $403,000 is required to buy a median-price home in San Francisco; in Seattle, it's $205,000.

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