You might need a raise if you want to buy a home, prices increasing, study finds

NEW YORK (WABC) -- If you're looking to buy a home soon, Redfin is out with some new data that says housing prices are higher than ever.

A homebuyer must now make six figures in order to afford the median-priced U.S. home, almost $115,000.
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That's up 15% from a year ago and more than 50% since the start of the pandemic.

Redfin says housing costs are increasing because of the one-two punch of sky-high mortgage rates and rising home prices.

The situation is even more expensive through much of the Tri-State area.

New York City is closing in on $200,000 for the average homebuyer salary, up 20% from last year.



Nassau County on Long Island is also up about 20%.

However, one of the biggest increases in the Tri-State is Newark.
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The average salary for the median-priced home is now nearly $160,000, which is up 33%.

The average salary in New Haven, Connecticut is below the national average, but still up more than 20% from 2022.



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