Demand for homes in certain areas of the country has caused supply to dwindle, prices to skyrocket and buyers needing nearly 50% more income than they would have last year to even enter top markets, according to a report by the Redfin real estate firm.
“Housing is significantly less affordable than it was a year ago because the surge in housing costs has far outpaced the increase in wages, meaning many Americans are now priced out of homeownership,” Redfin Deputy Chief Economist Taylor Marr said.
Because more people are working remotely and can live anywhere to work, many are flocking to cities in the Sun Belt, with the most popular destinations being Tampa, Phoenix and Las Vegas. They are also the most expensive, with potential homeowners needing more than 40% more in income than they did last year to buy.
Buyers are flocking to the Sun Belt “partly because they’re relatively affordable compared to pricey coastal job centers, but the resulting rise in home prices may make them less popular in the future,” the analysis found.
Tampa has quickly become the least affordable market, with homebuyers needing 47.8% more income than they did a year ago, more than in any other metro area in the U.S., the report found.
Home buyers in Tampa would need to earn $67,353 annually to afford a monthly mortgage payment of $1,684. Last year, they needed to earn $45,562. Most workers don’t make a $21,791 increase in their salary in one year, let alone in a decade. That means many who might have been able to afford to buy last year have been priced out. But those who can are buying with the median sale price hovering at $363,750.
Phoenix home buyers need to earn $87,026, an increase of 45.7% from the previous year, to afford a monthly mortgage payment […]
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