Millions of Americans are moving to the suburbs. Here’s How Much You Need to Earn to Buy a Home
When the country fell under lock and key, the Americans were on the move.
In the past year, according to a recent report by the Pew Research Center, one in twenty adults moved permanently or temporarily from their place of residence due to the coronavirus outbreak.
Most cited financial reasons for moving, followed by job loss and a desire to be closer to family. Some said they needed more space or could work remotely during the pandemic.
For the most part, Covid has encouraged potential buyers to move from townhouses to suburban homes, driving house prices soaring almost across the board.
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The housing construction sparked by the pandemic has created an affordability problem for many potential buyers despite affordable mortgage rates that are close to the lowest ever. In many states, homes charge a higher salary than the current median income of buyers.
Here’s a look at how much money it takes to afford the average home in each state, according to career planning website Zippia.com. Nationwide, the median home price is $ 346,800.