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Yahoo
9 hours ago
- Business
- Yahoo
12 East Coast Cities Where You Need To Earn Six Figures To Afford a Typical Home
A six-figure income is all but becoming a requirement if you want to buy a home in a major metropolitan area. This is especially true if you're looking to spend money to live on the East Coast. That's Interesting: Find Out: A June 2025 study from Clever Real Estate revealed in 33 out of 50 of America's largest cities buyers need to earn $100,000 to afford a home. Of these 33 cities, 12 are in the East Coast region. Keep reading to find out which 12 East Coast cities you need to make $100,000 annually to buy a home in after the 20% down payment. Baltimore Median household income: $94,289 Median home sales price (April 2025): $395,000 Income needed with 20% down: $111,649 Income gap to afford median home with 20% down: $17,360 For You: Explore Next: Richmond, Virginia Median household income: $84,332 Median home sales price (April 2025): $400,000 Income needed with 20% down: $106,909 Income gap to afford median home with 20% down: $22,577 Trending Now: Atlanta Median household income: $86,505 Median home sales price (April 2025): $400,000 Income needed with 20% down: $109,760 Income gap to afford median home with 20% down: $23,255 Raleigh, North Carolina Median household income: $96,096 Median home sales price (April 2025): $441,000 Income needed with 20% down: $120,069 Income gap to afford median home with 20% down: $23,973 Charlotte, North Carolina Median household income: $81,262 Median home sales price (April 2025): $409,000 Income needed with 20% down: $107,912 Income gap to afford median home with 20% down: $26,650 Find Out: Jacksonville, Florida Median household income: $77,044 Median home sales price (April 2025): $370,000 Income needed with 20% down: $115,831 Income gap to afford median home with 20% down: $38,787 Tampa, Florida Median household income: $72,743 Median home sales price (April 2025): $370,000 Income needed with 20% down: $116,256 Income gap to afford median home with 20% down: $43,513 Orlando, Florida Median household income: $77,378 Median home sales price (April 2025): $408,000 Income needed with 20% down: $128,233 Income gap to afford median home with 20% down: $50,855 Learn More: Providence, Rhode Island Median household income: $83,330 Median home sales price (April 2025): $485,000 Income needed with 20% down: $142,700 Income gap to afford median home with 20% down: $59,370 Boston Median household income: $110,697 Median home sales price (April 2025): $750,000 Income needed with 20% down: $215,387 Income gap to afford median home with 20% down: $104,690 Miami Median household income: $76,271 Median home sales price (April 2025): $590,000 Income needed with 20% down: $188,008 Income gap to afford median home with 20% down: $111,737 See More: New York City Median household income: $95,220 Median home sales price (April 2025): $765,000 Income needed with 20% down: $233,455 Income gap to afford median home with 20% down: $138,235 Editor's note: Data was sourced from Clever Real Estate and is accurate as of Aug. 5, 2025. More From GOBankingRates New Law Could Make Electricity Bills Skyrocket in These 4 States I'm a Self-Made Millionaire: 6 Ways I Use ChatGPT To Make a Lot of Money 5 Strategies High-Net-Worth Families Use To Build Generational Wealth Here's the Minimum Salary Required To Be Considered Upper Class in 2025 This article originally appeared on 12 East Coast Cities Where You Need To Earn Six Figures To Afford a Typical Home
Yahoo
a day ago
- Business
- Yahoo
13 Southern Cities Where You Need To Earn Six Figures To Afford a Typical Home
Many Americans would be able to afford homes for sale in the South, especially those looking at housing markets in lower cost-of-living cities. However, there are an increasing number of Southern cities where a six-figure income is necessary if you want to buy a typical home for sale. That's Interesting: Learn More: The full data can be found in a June 2025 Clever Real Estate study that outlined 50 of America's largest cities where buyers need to make $100,000 to afford a home. Thirteen of these cities are based in the South. If you wanted to buy a home in Miami, you'd need to earn $188,008 annually — and that's with a 20% down payment. Here are 13 Southern cities where you need a six-figure income to afford a home – and you might be surprised by the cities that made the list. Baltimore Median household income: $94,289 Median home sales price (April 2025): $395,000 Income needed with 20% down: $111,649 Income gap to afford median home with 20% down: $17,360 Find Out: Try This: Richmond, Virginia Median household income: $84,332 Median home sales price (April 2025): $400,000 Income needed with 20% down: $106,909 Income gap to afford median home with 20% down: $22,577 Read More: Atlanta Median household income: $86,505 Median home sales price (April 2025): $400,000 Income needed with 20% down: $109,760 Income gap to afford median home with 20% down: $23,255 Raleigh, North Carolina Median household income: $96,096 Median home sales price (April 2025): $441,000 Income needed with 20% down: $120,069 Income gap to afford median home with 20% down: $23,973 Charlotte, North Carolina Median household income: $81,262 Median home sales price (April 2025): $409,000 Income needed with 20% down: $107,912 Income gap to afford median home with 20% down: $26,650 Trending Now: Houston Median household income: $79,463 Median home sales price (April 2025): $340,000 Income needed with 20% down: $115,194 Income gap to afford median home with 20% down: $35,731 Jacksonville, Florida Median household income: $77,044 Median home sales price (April 2025): $370,000 Income needed with 20% down: $115,831 Income gap to afford median home with 20% down: $38,787 Austin, Texas Median household income: $98,508 Median home sales price (April 2025): $450,000 Income needed with 20% down: $139,062 Income gap to afford median home with 20% down: $40,554 Be Aware: Nashville, Tennessee Median household income: $84,685 Median home sales price (April 2025): $470,000 Income needed with 20% down: $126,705 Income gap to afford median home with 20% down: $42,020 Tampa, Florida Median household income: $72,743 Median home sales price (April 2025): $370,000 Income needed with 20% down: $116,256 Income gap to afford median home with 20% down: $43,513 Orlando, Florida Median household income: $77,378 Median home sales price (April 2025): $408,000 Income needed with 20% down: $128,233 Income gap to afford median home with 20% down: $50,855 View Next: Dallas Median household income: $86,860 Median home sales price (April 2025): $425,000 Income needed with 20% down: $138,791 Income gap to afford median home with 20% down: $51,931 Miami Median household income: $76,271 Median home sales price (April 2025): $590,000 Income needed with 20% down: $188,008 Income gap to afford median home with 20% down: $111,737 Editor's note: Data was sourced from Clever Real Estate and is accurate as of Aug. 6, 2025. More From GOBankingRates New Law Could Make Electricity Bills Skyrocket in These 4 States I'm a Self-Made Millionaire: 6 Ways I Use ChatGPT To Make a Lot of Money 5 Strategies High-Net-Worth Families Use To Build Generational Wealth How Much Money Is Needed To Be Considered Middle Class in Your State? This article originally appeared on 13 Southern Cities Where You Need To Earn Six Figures To Afford a Typical Home
Yahoo
2 days ago
- Business
- Yahoo
I'm a Real Estate Agent: It's Getting Harder To Sell Your Home in These 10 Cities
Sellers have held the upper hand in the U.S. housing market for so long that buyers might wonder when the dynamic will finally change in their favor. In fact, that might already be happening. The housing market has become more 'buyer-friendly' amid a rise in inventory in many parts of the country, according to a new report from That doesn't mean it's a buyer's market now — at least not yet. High mortgage rates are a headwind for buyers, and list prices remain historically expensive. Meanwhile, some markets continue to see stiff competition, which means available homes tend to go quickly. Be Aware: Learn More: A Clever Real Estate study of 2024 housing data found that nationwide, the median days on market for listed homes was 40 days. But that figure was much higher in some states — including Hawaii (80 days), Montana (78), Louisiana (69), South Carolina (68) and South Dakota (65). At the city level, some once-hot housing markets have started to cool considerably, causing sellers to slash prices to find enough buyers. GOBankingRates spoke with real estate experts about the current state of the housing market and which cities are seeing challenges when it comes to selling homes. Housing Trends Experts Are Seeing Ken Corsini, co-founder of Red Barn Homebuyers in Georgia, said he's seeing homes 'linger much longer' in Florida cities like Miami, Orlando, Jacksonville and West Palm Beach, as well as in Houston, Nashville, Austin (Texas) and Tucson (Arizona). 'These markets are cooling off fast because sellers are clinging to yesterday's prices, but buyers have the upper hand thanks to high rates and growing inventory,' Corsini told GOBankingRates. 'In places like Miami, sellers are even pulling their listings instead of negotiating, which shows how out of sync expectations have become.' This dynamic has spread to smaller towns as well, according to Matt Taschner, CEO of Sota Home Buyers, a Minnesota-based real estate buyer. 'Two markets that are really showing slow selling at the moment and where listed homes are staying on the market longer than they were a year or two ago are Naples, Florida, and Longview, Texas,' Taschner told GOBankingRates. 'The median number of days that homes are sitting on the market in both is well above the national average… All in all, there is greater buyer reluctance and price resistance, even in areas that were previously red hot.' Here's a look at 10 cities where it's getting harder to sell a home. The figures are from Zillow as of Aug. 7, 2025. Austin, Texas Typical home values: $523,769 1-year value change: -6.5% Houston, Texas Typical home values: $269,422 1-year value change: -2.8% Consider This: Jacksonville, Florida Typical home values: $290,108 1-year value change: -3.8% Longview, Texas Typical home values: $232,498 1-year value change: +2.1% Miami, Florida Typical home values: $588,264 1-year value change: -0.7% Naples, Florida Typical home values: $564,809 1-year value change: -7.0% Nashville, Tennessee Typical home values: $445,803 1-year value change: -0.9% Orlando, Florida Typical home values: $381,502 1-year value change: -2.9% Tucson, Arizona Typical home values: $331,789 1-year value change: -2.3% West Palm Beach, Florida Typical home values: $397,047 1-year value change: -4.0% More From GOBankingRates 3 Luxury SUVs That Will Have Massive Price Drops in Summer 2025 Mark Cuban Tells Americans To Stock Up on Consumables as Trump's Tariffs Hit -- Here's What To Buy How Much Money Is Needed To Be Considered Middle Class in Your State? This article originally appeared on I'm a Real Estate Agent: It's Getting Harder To Sell Your Home in These 10 Cities
Time Business News
04-08-2025
- Business
- Time Business News
The 2025 Housing Rebound - Why Inventory is Rising Faster Than Expected
The real estate market is experiencing a dramatic transformation in 2025, with housing inventory climbing at unprecedented rates that have caught even seasoned industry professionals off guard. After years of severe housing shortages that defined the post-pandemic market, this unexpected turnaround is fundamentally reshaping opportunities for both buyers and sellers across the nation. Multiple converging forces are driving this remarkable shift in market dynamics. Economic uncertainties stemming from evolving interest rate policies have prompted many potential buyers to adopt a wait-and-see approach, reducing the fierce competition that characterized recent years. Simultaneously, sellers who had been waiting for peak market conditions are now releasing their properties, recognizing that the window of guaranteed quick sales may be closing. 'We're seeing a fundamental recalibration of buyer expectations,' notes Ryan Whitcher, Founder and CEO of Harmony Home Buyers. 'The urgency that drove the market for three years has given way to more measured decision-making, and that's creating opportunities we haven't seen since 2019.' The demographic shift is equally significant. Millennials who rushed into homeownership during the pandemic are now reassessing their housing needs, with some choosing to relocate for remote work opportunities or upgrade to larger properties. This mobility has created a cascading effect, adding inventory to markets that had been starved of options for years. According to Kristen Herhold, PR Editor at Clever Real Estate, 'The data shows a clear pattern of buyers taking their time again. Properties that would have had multiple offers on day one are now seeing steady, but not frantic, interest over several weeks.' Financial institutions have also recalibrated their lending practices, implementing more stringent qualification requirements that have naturally filtered the buyer pool. While this has reduced the number of qualified buyers in the short term, it's contributing to a more sustainable market foundation built on solid financial fundamentals rather than speculative fervor. The inventory surge isn't distributed evenly across the country, creating a patchwork of market conditions that reflect local economic realities. Metropolitan areas in Texas, Florida, and Arizona are witnessing some of the most dramatic increases, with listings that would have sold within hours now remaining on the market for weeks. These regions, which experienced explosive growth during the pandemic migration, are now seeing a natural correction as population flows stabilize. In contrast, established markets in California and the Northeast are experiencing more measured changes. While inventory is increasing, the fundamental supply-demand imbalances in these areas mean that competitive conditions persist, albeit in a more tempered form than the bidding wars of 2021-2023. Erik Wright, Founder and CEO of New Horizon Home Buyers, observes that 'regional differences are more pronounced than ever. What we're seeing in Phoenix or Austin doesn't necessarily apply to San Francisco or Boston. Investors need to understand their specific market dynamics rather than applying broad national trends.' Secondary markets and suburban communities are showing particularly interesting patterns. Areas that saw unprecedented demand as urban dwellers sought more space are now finding equilibrium, with inventory levels approaching pre-pandemic norms for the first time in years. For prospective homeowners, this inventory increase represents the most significant shift in buying conditions since before the pandemic. The frantic pace of decision-making that characterized recent years is giving way to more traditional homebuying processes. Buyers are once again able to schedule multiple viewings, conduct thorough inspections, and negotiate terms without the pressure of competing against dozens of other offers. This normalization is particularly beneficial for first-time buyers who were previously priced out of the market. The combination of increased inventory and reduced competition is creating opportunities that seemed impossible just months ago. However, buyers must still navigate higher interest rates, which continue to impact affordability calculations and monthly payment planning. 'First-time buyers are finally getting a fair shot,' explains Ben Mizes, President of Clever Real Estate. 'They can actually schedule inspections, negotiate repairs, and make informed decisions without the pressure of competing against cash offers from investors.' The quality of available inventory is also improving as the market becomes less seller-friendly. Properties that might have sold regardless of condition during peak shortage periods now require proper staging, accurate pricing, and attention to maintenance details to attract serious buyers. The shift toward increased inventory has forced sellers to reconsider their strategies fundamentally. The days of minimal preparation and above-asking offers are rapidly disappearing, replaced by a return to traditional real estate marketing principles. Successful sellers are investing in professional photography, staging, and comprehensive market analysis to position their properties competitively. Pricing strategy has become critical again. Properties that enter the market at inflated prices based on 2022-2023 comparables are sitting longer and often requiring significant price reductions. Sellers who work with experienced real estate professionals to price appropriately from the start are finding success, while those clinging to peak market expectations are struggling to generate interest. Brandon Hardiman, Owner of Yellowhammer Home Buyers, emphasizes the importance of realistic pricing: 'Sellers who are still thinking it's 2022 are in for a rude awakening. The market rewards accuracy now, not wishful thinking. We're seeing properties priced right sell quickly, while overpriced homes sit for months.' The timeline for sales has also extended considerably. Where properties once sold within days of listing, sellers are now planning for marketing periods of 30-60 days or longer, depending on local conditions and property characteristics. The current inventory increase is occurring against a backdrop of broader economic adjustments that suggest this shift toward market balance may be sustainable. Employment remains strong in most markets, providing the income stability necessary for continued homebuying activity, even if at reduced volumes. Construction activity is also playing a role in inventory growth. Builders who ramped up production during the shortage years are now delivering completed units into a market with reduced absorption rates. This additional supply, combined with existing homeowners listing their properties, is creating the inventory surge observed across multiple markets. Credit markets have stabilized after the volatility of recent years, with lending standards settling into patterns that support qualified buyers while filtering out speculative activity. This financial discipline, while reducing transaction volumes, is contributing to more sustainable market conditions. The rise in inventory is coinciding with improved market transparency through technology platforms that provide real-time data on pricing trends, days on market, and neighborhood activity. Buyers and sellers now have access to information that allows for more informed decision-making, contributing to price discovery that reflects true market conditions rather than emotional bidding. Online platforms are also facilitating more efficient connections between serious buyers and appropriately priced properties, reducing the time and frustration associated with property searches in competitive markets. As 2025 progresses, several factors will determine whether this inventory increase represents a temporary market correction or a longer-term shift toward more balanced conditions. Interest rate policies from the Federal Reserve will continue to influence buyer behavior and affordability calculations. Economic growth patterns will affect employment stability and income growth, both crucial factors in sustained housing demand. Industry professionals remain cautiously optimistic about the market's trajectory. As Whitcher from Harmony Home Buyers puts it, 'We're not seeing a crash – we're seeing a correction back to sanity. That's ultimately healthier for everyone, even if it means adjusting expectations.' Immigration patterns and domestic migration trends will also shape regional market conditions. Areas that benefited from pandemic-era relocations may see continued adjustments as mobility patterns normalize. At the same time, markets with strong employment growth and quality of life advantages may maintain stronger demand despite increased inventory. The construction industry's response to current market conditions will influence future supply levels. Builders who adjust production schedules to match current absorption rates will help prevent oversupply, while those who continue aggressive development schedules may contribute to further inventory increases in select markets. Real estate professionals are adapting their practices to serve clients in this evolving market environment. The skills that served them well during shortage conditions – speed, negotiation tactics focused on winning bidding wars, and managing buyer disappointment – are being supplemented with traditional competencies around market analysis, property marketing, and client education. Professional development and market expertise are becoming more valuable as transactions become more complex and require a nuanced understanding of local conditions. The standardized approaches that worked in seller's markets are giving way to customized strategies based on specific property characteristics and buyer profiles. The 2025 housing market rebound appears to be creating conditions for more sustainable long-term growth. While transaction volumes may be lower than peak years, the improved balance between supply and demand is fostering an environment where both buyers and sellers can make informed decisions without the pressure and speculation that characterized recent years. This normalization, while requiring adjustment from all market participants, ultimately benefits the broader economy by reducing housing cost pressures and allowing for more rational allocation of housing resources. As inventory levels stabilize at healthier levels, the foundation is being set for steady, sustainable growth in homeownership opportunities and housing market stability. The key to navigating this transition successfully lies in recognizing that the extreme conditions of recent years were aberrational, and the current market represents a return to more traditional real estate dynamics that reward preparation, realistic expectations, and professional expertise. TIME BUSINESS NEWS
Yahoo
04-07-2025
- Business
- Yahoo
If Wealth Was Distributed Equally in America, Could Everyone Afford a $1 Million House?
A recent article on GOBankingRates reported that the household wealth of Americans was at $160.35 trillion, based on data compiled by the Federal Reserve. If this amount were distributed evenly, then everyone would have about $471,465 or $942,930 per couple, since there are roughly 340.11 million people. Trending Now: For You: A couple with two kids would have a combined household worth of $1.89 million. With housing prices skyrocketing in the last few years, it's worth discussing whether homes would be more affordable if the wealth were distributed equally. We will review if everyone had the same amount of wealth, if they could all afford to buy and maintain a million-dollar house. According to the National Association of Realtors, the median down payment for first-time homebuyers in 2024 was just 9%, much below the standard rule of 20%. You can also apply for a Federal Housing Administration (FHA) loan, which requires a minimum down payment of only 3.5%. However, there's more to buying an expensive home than just the list price. The following are expenses you have to factor in: Closing costs. Property taxes. Average maintenance costs. Insurance. Data compiled by Clever Real Estate looked into the numbers behind purchasing a million-dollar home. The research found that if you want to qualify for a mortgage on a million-dollar listing, you'll likely need a 'jumbo loan' due to the amount that you're borrowing. You'll also need a significant amount of money in savings, as you'll likely have to make a 20% down payment ($200,000), and closing costs should be around $24,223. Explore More: These are the projected monthly payments on a million-dollar home with a 30-year fixed-rate mortgage at 6.99%, an annual homeowners insurance policy that's 0.5% of the property value, annual property taxes of 1.1% of the home's value, and $500 in monthly HOA fees. Mortgage payment: $5,317 Insurance: $417 Property taxes: $917 HOA fees: $500 Monthly total: $7,151 It's worth pointing out that these figures assume a high credit score of over 700 and a 20% down payment. Numerous factors are considered when applying for a mortgage, like your debt and employment history. If wealth were distributed equally, would everyone be able to afford and maintain a million-dollar property? The data compiled by Clever found that you'll need a minimum annual income of $306,471 to maintain a million-dollar home. Another piece on Fortune found that someone with a $250,000 yearly salary could likely afford a million-dollar home. With a monthly gross income of $20,833, this person should ensure that their housing expenses align with the 28% rule, which dictates that they shouldn't exceed 28% of their monthly income. Since we don't have information available about everyone's income, we will use the available numbers and assume that the person is relying on their newfound net worth. A single person with $471,465 would put down the $224,223 to cover the down payment and closing costs. This would leave them with $247,242, and they would have enough money to cover the monthly expenses of $7,151 for about 35 months. After a couple with $942,930 spends the $224,223 on acquiring the property, they'll be left with $718,707, which would be enough to cover the monthly expenses for 100.5 months. Families with $1.89 million would have $1,665,777 left after moving in. This would be enough to cover the monthly expenses for 233 months. While these numbers don't factor in the person's current income, it helps to know how long someone could maintain a million-dollar property. If the wealth was spread evenly and nobody sold off any real estate to make it happen, here's a look at some of the current numbers. A report from Redfin found that 8.5% of U.S. homes in June 2024 were worth $1 million or more, marking the highest share of homes with this value. This translates to 8,022,439 homes, which would not be enough inventory. The May housing report from shared that the number of actively listed homes reached one million for the first time since the winter of 2019. 'A million-dollar home in one place can be much different than another place, and the general cost of living can vary significantly, too,' said Adam Hamilton, a real estate expert and CEO of REI Hub. 'Property taxes, insurance costs and even maintenance costs can be way higher or lower depending on where you live.' He continued, 'So, even if wealth was distributed equally, certain people may end up spending way more money on housing costs over time than others, depending on where they live.' The reality of the situation is that there isn't enough inventory for everyone to purchase a million-dollar home if wealth were distributed evenly. However, many people would finally be able to buy a home or enter the real estate market. According to recently gathered data from the median home sales price in the U.S. as of the first quarter of 2025 was $503,800, and the average home sales price is $503,800. More From GOBankingRates How Much Money Is Needed To Be Considered Middle Class in Your State? This article originally appeared on If Wealth Was Distributed Equally in America, Could Everyone Afford a $1 Million House? Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
