Homebuyers Need at Least $40k More Income in These 14 Markets

Like home appreciation, the cost of homes in nearly every market continues to rise, challenging interested homebuyers who seek to afford “The American Dream” of owning.

Nowhere is this more apparent than in Tampa, where homebuyers there need to earn $67,353 annually to afford the metro area’s typical monthly mortgage payment of $1,684, according to a new report from real estate brokerage Redfin.

That spike represents a stunning 47.8% ($21,791) increase from a year earlier. 

Phoenix is not far behind Tampa, as homebuyers must earn $87,026 to afford the area’s typical monthly mortgage payment of $2,176, up $27,302 (45.7%). Las Vegas’ spike is 45.6 percent and San Diego, Charlotte, Atlanta, San Diego, Jacksonville, Orlando, Nashville, Fort Worth, Austin, Anaheim and Dallas all have gains of at least 40%

“Key housing market data, as well as economic vitality and lifestyle metrics” examined by The Wall Street Journal and Realtor.com Spring 2022 Emerging Housing Markets Index suggests that the West and Sun Belt and West “are expected to see future home price appreciation,” GlobeSt reported this week.

This is on the heels of this week’s CoreLogic Case Shiller report that There appeared to be a renewed sense of urgency in the home market in February as prices increased nationally by 19.8% year over year, GlobeSt reported.

Redfin Deputy Chief Economist Taylor Marr said in prepared remarks that there are a few ways for people to get around rising housing costs. “The first and easiest is to simply stay put, as monthly mortgage payments typically don’t change much. Buyers can also consider relocating to a more affordable part of the country.”