Do you need to win more than $ 100,000 to buy a house? More and more, the answer is yes.
The average income for new housing buyers has increased considerably from the Covid pandemic and exceeded the six figures, according to an NBC news analysis of the data of the United States Census office. Experts say this is an omen of economic anguish. The change reflects the exclusivity of the current real estate market, one in which even possible buyers with a six -digit salary can fight.
The new homes for housing purchase obtained an average income of $ 110,000 in 2023, found the NBC News analysis, with 40 -year -old buyers and winning $ 114,000. Among those younger generations, change is especially notable: new buyers now have higher income than people who already have homes.
Chen Zhao, head of economic research in Redfin, said that although the workers of the Z generation are earning more than the previous generations did at their age, they find themselves.
“If you look back a couple of generations, people could pay housing more comfortably,” Zhao said. “It is not surprising that the income required to become the owner of a house at this time are increasing.”
The final result: today’s housing buyer is not only equipped with good credit and an initial payment; They are increasingly required among the biggest winners of the United States.
Nationally, the average income is almost $ 81,000. For tenants they are $ 62,000.
The increase in income can feed inflation as prices follow, said Zhao, creating an inflation cycle. And the effects extend beyond the economy: housing property prices become part of a growing tenant class that is remodeling neighborhoods. “When people do not feel property, they don’t feel so inverted,” Zhao said.
In Oregon, the new housing buyers were made north of $ 120,000 in 2023, a 20% increase in 2019.
In the counties, such as Lincoln, housing prices have almost doubled since pandemic. And in other parts of the state of Beaver, other obstacles present, notably intensifying competition in Josephine County, where the NBC News housing buyers competition has remained close to its maximum level for almost a year.
Ryan Holley, 34, bought a house in Suburban Portland, Oregon, in 2017, a time when the market was softer. Eight years later, their income has doubled, but their efforts to buy a new place have been empty.
Holley moved from Oregon to the Las Vegas area in 2021, where a new search for a house began. He immediately found a price.
The high mortgage rates raised a challenge. With his Oregon condominium, he obtained low rates, which makes his monthly mortgage $ 858. Today, although he is winning more than $ 130,000 a year, he has difficulty finding a house with payments in his budget.
In the Las Vegas Metropolitan Area, the new housing buyers obtained an average of approximately $ 115,000, according to the analysis of the census office data.
