#home-affordability

#home-affordability

To afford a $250,000 home, most buyers will need an annual income between $62,000 and $80,000. This assumes average interest rates, a standard loan term, and a modest down payment.

The new Dashboard is a tool that enables NAR members to stay ahead of the market and better serve their clients, equipping them with insights into shifts in affordability, demand, and the economy.

Most buyers need to earn $100,000 to $135,000 per year to afford a $400,000 home, based on average interest rates and a modest down payment.

"When I got my property tax reevaluation last year, I opened the envelope up and hit the floor," says Beth Blackmarr, a resident of Lakewood and spokesperson of a group organizing to abolish property taxes in Ohio. "Panic."

Woodbridge, Virginia, ranked No. 1 due to a population increase from 4,000 to 43,000 over five years, reflecting a trend of urban residents seeking suburban living.