Median household income for home buyers jumps to $107,000: report

Writer: Melvin Vigo
Published: Updated:
realtor suggesting mortgage for buying apartment
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The National Association of Realtors® revealed that the median household income for those buying homes spiked from $88,000 to $107,000 in the past year.

This big leap underscores the higher income now needed to buy a house, mainly due to soaring home prices and increased mortgage rates.

The report, covering transactions between July 2022 and June 2023, also showed that first-time buyers made up 32% of all home buyers, a bit higher than last year’s 26%, though still below the average seen since 1981.

More encouragingly, first-time buyers are slowly returning to the market, with slightly higher household incomes than last year.

The ages of first-time and repeat buyers also dropped slightly from the record highs of the previous year. However, the percentage of married buyers decreased while single female and single male buyers increased.

The diversity among buyers increased, with a decline in the proportion of white buyers and a rise in Latino, Black and Asian/Pacific Islander buyers.

The buyers tended to choose homes closer to their previous residences, favoring suburbs but not as much as in previous years.

Financing home purchases remained popular, with first-time buyers making the highest down payments in years and leaning more on financial assets.

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