article thumbnail

How Much Does It Cost to Buy a Home in the Largest U.S. Cities?

Pro Builder

Qualifying for a mortgage in today's high-cost housing market requires more income than in years past, but some U.S. need to have a qualifying annual income of $359,127 to afford monthly payments of $8,380 for a median home price of $1,688,000. metros are more affordable than others. Housing Markets.

article thumbnail

First-Time Homebuyers Found No Relief From Rising Prices in Q4 2021

Pro Builder

times median first-time home buyer income and 5.3 First-time buyers struggled the most in the wake of record high home prices and a lack of starter inventory, but metros like Pittsburgh and Cleveland offered some relative affordability. times median first-time buyer income, Cleveland (3.1), St. last quarter.

professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

FHA Will Change How Student Loan Debt Affects Eligibility

Pro Builder

In order to assist more lower-income homebuyers and close the racial homeownership gap, the Federal Housing Administration (FHA) will change the way it reviews an applicant’s student loan debt. Fudge is expected to discuss the changes at a Black homeownership event in Cleveland on Friday. cbroderick. Mon, 06/28/2021 - 09:41.

Debt 98
article thumbnail

First-Time Buyer Affordability Fell Sharply in Q1 2022

Pro Builder

Market hurdles like historically low housing supply, surging mortgage rates, and stagnant income growth are keeping first-time buyers sidelined at the start of 2022. Inflation significantly outpaced income growth at the start of 2022, with homes in the most populous metro areas costing six times the typical first-time buyer income.

article thumbnail

How Has Homeownership Changed Since the Great Recession?

Pro Builder

According to Forbes, the share of owner-occupied households earning incomes of $100,000 to $149,999 rose from 16% in 2010 to 19.2% in 2020, while the share of households with incomes of $150,000 or more rose from 11.7% In order to live in popular metros like New York City, Cleveland, and St. in 2010 to 20.5%

article thumbnail

Here Are the Cities Where American Renters Can Actually Afford to Buy

Pro Builder

markets—assuming one-third of their pre-tax income is used for a mortgage with a 5% down payment. and 56% of the homes in Pittsburgh, 54% in Detroit, and 54% in Cleveland. Here Are the Cities Where American Renters Can Actually Afford to Buy ldeakins Thu, 06/01/2023 - 11:58 Pockets of affordability that offer U.S.

article thumbnail

High Prices Keep Homes Out of First-Time Buyers' Reach

Pro Builder

times higher than the typical first-time buyer income. times median first-time home buyer income in the third quarter, followed by St. and Cleveland (3.7). times the median first-time buyer income, followed by San Diego (8.6), San Jose (7.9), San Francisco (7.4) and Sacramento (6.8).