Many Americans aspiring to homeownership face challenges due to the disparity between required income for mortgage payments and actual median household incomes. Realtor.com's data suggests that the minimum recommended income for purchasing a median-priced home exceeds current incomes by 7% to 151% across various states. While states like Illinois present a more attainable option for buyers, Montana experiences the largest affordability gap, necessitating a minimum income far above the median household earnings, making homeownership increasingly difficult.
Purchasing a median-priced home in today's market ranges from challenging to downright impossible for median-income households, says Realtor.com senior economic research analyst Hannah Jones.
This means that the typical household would be spending more than the recommended 30% of income on housing, but purchasing a home is within the realm of possibility, says Jones.
In Montana, the gap between the minimum recommended income to purchase a home and the median household income has opened into a Bighorn Canyon-sized chasm, making the Big Sky Country the most unaffordable state.
On average, they simply don't earn enough money to keep up with monthly mortgage payments, according to the latest data analysis from Realtor.com.
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