
First-Time Buyers Must Make $76,000 to Afford the Typical U.S. Starter Home–Up 8% From a Year Ago
Buyers must earn nearly twice as much as before the pandemic to afford the typical starter home, due to the one-two punch of high prices
Elijah de la Campa is a senior economist at Redfin, where he researches all facets of the housing market. Prior to Redfin, Elijah studied barriers to homeownership among historically underserved populations as an economist at Freddie Mac. After receiving his PhD in Public Policy from Harvard University, he studied the impact of COVID-19 on rental markets and small landlords’ rental businesses as a Senior Research Associate of the Bloomberg Harvard City Leadership Initiative and Research Affiliate of the Harvard Joint Center for Housing Studies. Elijah’s research has been covered by outlets such as the New York Times, CBS Evening News, and AP News.

Buyers must earn nearly twice as much as before the pandemic to afford the typical starter home, due to the one-two punch of high prices

Buyers need to earn $114,000 to afford the typical U.S. home—35% more than the typical household makes. But that’s an improvement from October, when buyers

A homebuyer with the median U.S. income would’ve had to spend a record 41% of earnings on monthly housing costs in 2023, up from 39%

Buyers must earn nearly twice as much as before the pandemic to afford the typical starter home, due to the one-two punch of high prices

Buyers need to earn $114,000 to afford the typical U.S. home—35% more than the typical household makes. But that’s an improvement from October, when buyers

A homebuyer with the median U.S. income would’ve had to spend a record 41% of earnings on monthly housing costs in 2023, up from 39%