The average entry-level home in the US has hit a record $243,000

8/2/2023

The average entry-level home in the US has hit a record $243,000.

The availability of affordable homes for first-time buyers has vanished from the US real estate market.

With mortgage rates hovering around 7%, the average entry-level home in the US now carries a steep price tag of $243,000, making it increasingly unattainable for first-time buyers – and finding a starter home itself has become a challenging task.

According to real estate brokerage Redfin, first-time homebuyers must now earn $64,500 annually to ensure that the cost of an average entry-level home doesn't exceed 30% of their income. This figure represents a significant increase from $57,222 a year ago.

In the current market, those seeking starter homes are embarking on a fruitless pursuit, as many regions across the country no longer offer homes at an affordable price point. Sheharyar Bokhari, Redfin's senior economist, pointed out that the most affordable homes for sale have now become unaffordable for individuals with lower budgets, primarily due to the combination of escalating prices and rising interest rates.

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