Here’s how much first-time homebuyers need to earn to afford a home in Florida


TAMPA, Fla. (WFLA) — The dream of becoming a first-time homebuyer is fading fast for many Americans as high interest rates and even higher asking prices drive the housing market.

Clever Real Estate recently analyzed median home prices and median incomes for 50 metro areas and 48 states with available data. The study found that a household will need to earn nearly $120,000 a year to afford a median-priced home in the U.S.

Clever’s study showed that only six of the 50 largest U.S. metros have home prices low enough to be considered affordable for the median-earning household. The six cities include Pittsburgh, Pennsylvania; Cleveland, Ohio; St. Louis, Missouri; Memphis, Tennessee; Indianapolis, Indiana; and Birmingham, Alabama. 

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In Florida, four of the state’s largest metros were considered unaffordable.

Clever said a buyer in Tampa would need to earn $106,116 each year to afford a $361,177 home. However, the study said the median household in the city earns just $69,290 per year, which is about $37,000 short of comfortably affording the median home.

Here’s a look at how much buyers need to make to afford a median-priced home in four Florida cities:

Overall RankCityLocal Median Home Sale PriceAnnual Mortgage Payment on Median HomeLocal Median Household IncomeIncome Needed to Afford the Median HomeGap Between Suggested Income and Actual IncomeHouse Affordability Ratio 26.Jacksonville$332,051$27,316$77,583$97,559$19,976126%34.Tampa$361,177$29,712$69,290$106,116$36,826153%37.Orlando$379,039$31,182$71,857$111,364$39,507155%45.Miami$441,399$36,312$70,769$129,686$58,917183%

According to Clever, four of the top five most unaffordable cities in the U.S. are in California.



This article was originally published by a www.wfla.com

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