Homebuyers need to earn 50% more than they did prior to the pandemic to afford a typical US home, new survey shows.
Looking to buy a home? If so bad news from Redfin. According to the real estate firm's latest survey, home shoppers need to earn 50% more than they did prior to the pandemic to afford a typical US home in today's market.
, told Yahoo Finance. "I’ve talked to my guys on the phone, the general comment is we’re hanging in there — but not seeing a rebound fast. We’re working off depressed levels and it continues to be depressing."Rust Belt homebuyers have to earn less compared to other major metro areas, but still more than they did a year ago.
Buyers in Boise, Idaho, needed to earn 9% more than last year , while Salt Lake City, Fort Worth, Texas, and Lakeland, Fla., homebuyers registered year-over-year increases of roughly 13% each.New listings rose 0.8% from a month earlier in August, according to Redfin, marking a second uptick after a year's worth of declines. Overall, new listings were still down 14.4% from a year earlier.
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