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CNN
The income of a typical homebuyer in the United States surged to $107,000 from $88,000 last year, as home affordability precipitously worsened, according to an annual report from the National Association of Realtors®. The 22% jump was the highest annual increase on record, and puts homeownership out of reach for many families in the United States, where the median income is about $75,000, according to the Census Bureau. “The household income for those who successfully purchased homes jumped by nearly $20,000 and topped six figures for only the second time in our records,” said Jessica Lautz, NAR deputy chief economist and vice president of research. As a result, buyers’ typical downpayments jumped to the highest share of home purchase price in two decades — 8% for first time homebuyers and 19% for repeat buyers — as buyers pulled together larger downpayments to break through competitive bidding wars or to lower the amount of the purchase that was financed with a mortgage. “In a still-competitive housing market, more well-off home buyers were able to have their bids accepted by offering larger down payments and even by paying cash,” said Lautz.