A new Realtor.com report shows falling mortgage rates increased homebuyers’ purchasing power by $74,000 nationwide in August 2024 compared to October 2023.
According to a new survey from Clever Real Estate, prospective buyers need to earn at least $119,769 annually to afford a median priced home at $332,494 with a 10% down payment. That income is $45,000 more than the median U.S. household income.