Buyers Now Need Six-Figure Income to Afford Typical Home in 22 States — Up From Just Six States in 2020

In this episode of Joe Biden's America...

The longer the American people are forced to live under the destructive policies — many of those destructive policies, intentionally so — the harder it becomes for hardworking Americans to put gas in their tanks, put food on their tables, and now, buy a typical home.

Yet serial-lying Biden and the Democrat Party, desperately backed by the liberal lapdog media, continue to tell you (lie) that the Biden economy is super peachy keen; you're just too stupid to realize it.

A new analysis from Bankrate.com found that in 22 states and Washington, D.C., homebuyers now need a six-figure household income to comfortably afford a typical median-priced home — up from just six states and D.C. in January 2020 before "you know who" was inaugurated.

Bankrate analyst Jeff Ostrowski explained:

Affordability is the biggest issue. The higher the price of a home, the harder it is to come up with the downpayment or to qualify for the monthly payment. At the same time, homes have become less affordable because home price appreciation has so far outpaced wage growth.

How about we also include Bidenflation's crushing effect on consumer goods, including out-of-control grocery prices, higher interest rates, and a steady decline in consumer confidence throughout Biden's miserable presidency?

Case in point on consumer confidence:

There has been less housing supply to meet buyer demand both because there is less homebuilding, he said, and because of the “lock-in effect” of higher mortgage rates and home prices. These factors make existing homeowners reluctant to sell because it will cost them more to buy a new house.
The Bankrate.com analysis made some prudent assumptions, assessing affordability strictly from the perspective of the mortgage payments (which include principal, interest, property taxes and property insurance). But it didn’t factor in closing costs, which vary widely based on the lender, the loan type and the location of a home. And it didn’t factor in home maintenance costs and the cost of non-housing items.
Specifically, the analysis assumed buyers make a 20% down payment and take out a 30-year fixed rate mortgage at the 52-week average interest rate. It also assumed their mortgage payments don’t exceed 28% of their annual gross income.

Based on the above, Bankrate calculated that the median home price in the country is $402,343, and that “aspiring homebuyers must earn $110,841 annually to afford a median-priced home.”

West Coast buyers and buyers in the Northeast need the highest household incomes to afford a typical home, according to Bankrate.

The top 5 are: