"Given today's mortgage rate and the 30% affordability rule of thumb, a household earning the 2023 median household income could afford a home priced up to roughly $285,000, assuming a 10% down payment," says Realtor.com® senior economic research analyst Hannah Jones. However, the Realtor.com August housing report shows that home prices now hover nationwide at a median of $429,995-nearly double what a buyer can reasonably afford.
"The U.S. median listing price was roughly $145,000 higher than this level in August, suggesting that the median U.S. household income would not be enough to purchase a home in much of the country," Jones points out.
"The (sort of) good news? While most of the country remains unaffordable for the average household, says Jones, 'the median listing price was less than or equal to this [income] level in 10 of the 100 largest U.S. metros in August.'"
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