Lots of buyers today have six-figure incomes!
The median household income in America is about $68,000, according to the Census Bureau — but that may not be enough to help you buy a house these days. Indeed, even though average mortgage rates are still holding below 5% (see the lowest mortgage rates you can qualify for here) for the time being (note that pros expect them to rise), many recent buyers had six-figure incomes, according to the 2022 Home Buyers and Sellers Generational Trends Report from the National Association of Realtors Research Group, which polled 5,795 recent primary residence home buyers.
Half of buyers had household incomes of at least $100,000, the survey reported, while nearly 7 in 10 earned more than $75,000, the survey found. (Note that NAR also reports that “for households earning $75,000 to $100,000, there’s one affordable listing available for every 65 households – a stark decrease in availability from one affordable listing for every 24 households in 2019 for this income group.”). And the median income of homebuyers increased between 2019 and 2020, from $96,500 to $102,000, respectively. “We have consistently seen the median income increase from previous years, and we could see this continuing,” says Brandi Snowden, NAR’s director for member and consumer survey research. Updated: April 10, 2022 at 9:58 a.m. ET By Alisa Wolfson