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Income You Need To Make To Afford A Home In The U.S. · The Cubby and Christine Morning Show

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  Speaker 1: New York's number one for variety one O six point
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  Speaker 1: seven Night FM. Good Morning, It is seven oh nine
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  Speaker 1: on Victor Sosa Infracoby with Christine and producer Kristin. Christine,
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  Speaker 1: New York drives this number up. I'm sure and there'll
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  Speaker 1: be some New Yorkers who hear these numbers and think
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  Speaker 1: I wish. I so totally wish. But we're talking about
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  Speaker 1: national averages here, and everything is just getting harder these
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  Speaker 1: days to be able to afford, including that American dream
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  Speaker 1: thing that you would consider typical owning your own home.
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  Speaker 2: Yeah, absolutely so. Redfinn, which is you know, a real
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  Speaker 2: estate site where you can check out homes. They said
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  Speaker 2: they did an average across the US of how much
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  Speaker 2: you need to earn in order to be able to
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  Speaker 2: buy the average US home. Right, we're not talking about
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  Speaker 2: mc manchon here, we're just a house. You would need
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  Speaker 2: to earn one hundred and ten thousand dollars a year
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  Speaker 2: to comfortably afford a typical home in the US, And
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  Speaker 2: what they're looking at is you would need to put
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  Speaker 2: fifteen percent down, Thirty percent of your monthly income would
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  Speaker 2: go to mortgage payments, property taxes, and other housing costs.
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  Speaker 2: That's the balance. You're not supposed to go higher than
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  Speaker 2: thirty percent of your annual income, and a lot of
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  Speaker 2: people can't do that. They're dipping in further in order
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  Speaker 2: to get the house right. They're doing up to like
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  Speaker 2: forty percent of their income. And they said you need
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  Speaker 2: one hundred and ten thousand to buy the typical home,
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  Speaker 2: but the average income in the US is twenty two
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  Speaker 2: thousand below that. So that's that's why we're seeing some
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  Speaker 2: really big challenges here. And I know the interest rates
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  Speaker 2: just went up a little bit again too. I don't know.
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  Speaker 2: I'm being told like it's starting to become a little
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  Speaker 2: bit more of a buyer's market because the houses are
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  Speaker 2: sitting longer because it's tougher to afford them.
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  Speaker 1: I think, well, of course the year after you bought,
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  Speaker 1: it's a buyer's market.
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  Speaker 2: Oh yeah, because it's always yes, yeah, absolutely, it always
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  Speaker 2: works like that. But the markets that are dropping include Seattle,
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  Speaker 2: which had the biggest improvement, and San Jose, so I
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  Speaker 2: mean we kind of have to move h order to
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  Speaker 2: get into those houses. Saint Louis, Indianapolis, and Pittsburgh said,
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  Speaker 2: those are three major metro areas that incomes were above
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  Speaker 2: the required amount to buy a typical local home. So
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  Speaker 2: you know, if you're going to relocate, but we can't
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  Speaker 2: pick up our lives and just move. We have to
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  Speaker 2: look at the ChRI state area.
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  Speaker 1: Yeah much higher here. Yeah, exactly if it's still on
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