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May 5, 2025

Rising prices, high mortgage rates widen home affordability gap

  • Buyers need to earn $47,000 more a year to afford a home than they would have just six years ago.
    • By ALEX VEIGA
    AP Business Writer

    LOS ANGELES — Homeownership is receding further out of reach for most Americans as elevated mortgage rates and rising prices stretch the limits of what buyers can afford.

    A homebuyer now needs to earn at least $114,000 a year to afford a $431,250 home — the national median listing price in April, according to data released Thursday by Realtor.com


     
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