ST. LOUIS, Miss., April 23, 2024 ~ According to a recent survey conducted by Clever Real Estate, a St. Louis-based real estate company, the median-priced home in the United States now costs an astonishing $332,494. This means that prospective buyers would need to have an annual income of at least $119,769 in order to afford it with a 10% down payment.

The survey also revealed that this amount is significantly higher than the typical household income of $74,755. Even with a 20% down payment, buyers would still need to earn at least $98,202, which is well above the average salary.

In fact, the survey found that only four states - West Virginia, Ohio, Iowa, and Indiana - have median-priced homes that are affordable for households with median incomes. In addition, only six out of the 50 largest metro areas in the country have homes that are affordable for median earners. These include Pittsburgh, PA; Cleveland, OH; St. Louis, MO; Memphis, TN; Indianapolis, IN; and Birmingham, AL.

The data from the National Association of Realtors (NAR) also showed that the last time the median buyer put down 20% was in 1989. Today, most buyers only put down 15% of a home's purchase price.

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For those with a median income of $74,755 and a 10% down payment, they would only be able to afford a home priced at $207,529 - which is 38% less than the current median-priced home.

In order for a median-income family to afford a median-priced home without being priced out of the market completely, they would need to make a hefty 45% down payment or see mortgage rates drop from their current rate of 7.2% to just 4%.

Even with a savings rate of $1,000 per month, it would take an average household five and a half years to save up the $66,500 needed for a 20% down payment on a home priced at the median of $332,494.

The survey also found that the least affordable city in the country is Los Angeles, where buyers would need an income of $249,471 to comfortably afford a median-priced home - nearly three times the actual median income of $87,743.

These findings highlight the growing gap between home prices and incomes in the United States. With rising home prices and stagnant wages, it is becoming increasingly difficult for average Americans to afford a home. For more information and details on this survey, visit
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