(TND) — Many more Americans need to earn six-figure salaries now to buy a home, according to a new report from Bankrate.
A median-priced home in the U.S. is now over $402,000, according to the Bankrate report that pulled pricing data from Redfin.
That places the needed annual salary for a person, or family, aspiring to buy a home at $110,871.
Of course, the old adage with real estate is “location, location, location.”
California, as a whole, has the most expensive homes in the country. And someone would need to make $197,057 to buy a median-priced home there.
The other places where folks need the highest incomes to afford a home are Hawaii ($185,829 needed annual income), the District of Columbia ($167,871), Massachusetts…
