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

ByEyewitness News WABC logo
Monday, October 23, 2023
Homebuying has become a struggle for many
Redfin has released new data, showing that housing prices are currently higher than ever.

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.

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.

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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