re: Salary of $115,627 needed in order to qualify for a mortgage on a typical American home

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a homebuyer must now earn an average salary of $115,627 in order to qualify for a mortgage on a typical American home

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typical U.S. home sold for about $420,000

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The typical U.S. homebuyer’s monthly mortgage payment is $2,866, an all-time high. This number is up 20% from the $2,395 recorded at the same time last year. In August 2020, for instance, the typical monthly payment was $1,581, based on that month’s average mortgage rate of 2.94% and median home price of $329,000. At that time, a homebuyer would have needed to earn $75,000 per year to afford the typical home.

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These are some bullshite arse numbers, or the people in these salary ranges buying these typical houses are living check to check and barely making it.