The salary needs to by the average single-family home in the United States is $107,107.
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.