The Salary Needed to Buy a House (2023)

Home Affordability Key Stats

  • The salary needs to by the average single-family home in the United States is $107,107.
$107,107 is required to buy an average home
  • Mortgage interest rates moved from 3.08% to 6.66% year-over-year, an 74% increase.
  • Homebuyers face 20-year-high mortgage rates but are still below the 8% historical average.

The Average Income Needed to Buy a House

Comparing the latest data, the income required to buy the average single-family home in the United States rose from $75,969 in Q4 2021 to Q4 $107,107 in 2022, an increase of $31,193.

What a difference a few months make. In the early summer of 2022, interest rates hovered at 3.10%. Then, the Federal Reserve began its effort to combat inflation by implementing successive interest rate hikes (.75 basis points each) until mortgage rates reached nearly 7%. The average 30-year rate in Q4 2022 was 6.66%. up from 3.08% in Q4 2021.

Below you will find year-over-year changes in the income needed to buy a single-family home in the United States, both by the national average and among the top cities.

Salary Needed to Buy a Home in the Top 50 Cities

U.S. MetroQ4 2022 Mdn PriceIncome NeededQ4 2021 Mdn PriceIncome NeededY-O-Y Income Change
National Avg.$378,700$107,107$364,300$75,969$31,139
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