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Given the current housing market landscape, the road to homeownership is arduous for many Americans. Not only are home prices increasing, but the lack of inventory combined with soaring mortgage ...
Alaska: $106,279. 2023 average home value: $357,035 Monthly mortgage payment: $2,065.86 Annual mortgage payments: $24,790 Try This: 5 Worst Florida Cities To Buy Property in the Next 5 Years ...
The highest salary needed to afford a home 10 years ago was $85,000 in Hawaii. Today, the highest salary needed to afford a home is nearly $200,000. ... Florida. 10-year percentage change in ...
The report's key figure, the "Housing Wage," reveals the hourly earnings necessary for full-time workers to afford fair market rental homes without exceeding 30% of their incomes. Nationally, the 2023 Housing Wage is $28.58 per hour for a modest two-bedroom home and $23.67 per hour for a one-bedroom home.
It now takes an income of $107,700 to afford a new single-family home plus property taxes and insurance on it, according to a new report by Oxford Economics. But here's the shocking part.
According to the National Low Income Housing Coalition, someone making minimum wage in Florida needs to work nearly 100 hours a week to afford rent.
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