Home - CBSNews.com | How much money you need to earn to afford a home in 49 U.S. cities
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U.S. workers’ median household income rose to about $88,000 in April 2026, but Redfin estimates that families now need roughly $116,800 annual earnings to afford the median home—priced at about $418,000—meaning a typical household would have to spend 40 % of its income on housing, well above the advised 30 % mortgage‑to‑income limit. While the required income has fallen slightly from a 2025 peak, it remains out of reach in 41 of the 49 largest cities; in San Francisco a buyer would need about $444,000 and in San Jose about $426,000, whereas eight cities, mainly in the Midwest, are affordable for median earners (e.g., Detroit requires $56,219). Although wages have risen faster than home prices and mortgage rates have eased, making housing marginally more affordable over the past six months, more than eight in ten Americans still find buying a home harder than previous generations, and the gap between high‑cost and low‑cost regions continues to widen.
Read more: https://www.cbsnews.com/news/home-prices-income-needed-redfin-2026/
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