The median starter home price in June was $242,000—a 2.1% increase from last year and up more than 45% since the pandemic, according to new data from Redfin.
In order for a first-time homebuyer to afford a typical starter home in the U.S., they must earn about $64,500—an increase of 13% from a year ago, in large part because of higher mortgage rates, fewer listings and higher home prices, according to a newAn advertising sign for building land stands in front of a new home construction site in Northbrook,Ill., Wednesday, Sept. 21, 2022. The median starter home price in the U.S. in June was $242,000—a 2.
Redfin calculated the annual income needed to afford a starter home by the standard rule that a home is “affordable” if the buyer taking out a mortgage spends less than 30% of their income on a housing payment. Prices vary significantly region to region: California starter homes have the highest median prices, including $925,000 in San Jose and $680,000 in Anaheim, while the Rust Belt has the lowest, with the median in Detroit being $60,000 and $100,000 in Pittsburgh.
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