The increase in homebuyers' income has never moved higher or faster, and now sits at $107,000, according to a new report from National Association of Realtors.
The buyer income annual increase was 22% from $88,000 last year. This comes as home prices and mortgage rates continue to rise. It is based on tracking transactions between July 2022 and June 2023.
"Given the erosion of housing affordability due to higher home prices and mortgage rates, the household income for those who successfully purchased homes jumped by nearly $20,000 and topped six figures for only the second time in our records," Jessica Lautz, NAR deputy chief economist and vice president of research, said in prepared remarks.
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