Home shoppers across the US need to be making more than $106,000 to comfortably afford a home in 2024, according to a new Zillow report.
The roughly $106,500 needed to comfortably afford a typical home is well above what a typical U.S. household earns each year, estimated at about $81,000, according to Zillow.
Analysts note that is an 80 percent increase from 2020, when a household earning $59,000 annually could comfortably afford the monthly mortgage.
That payment has now almost doubled since January 2020, jumping 96.4 percent to $2,188, assuming a 10 percent down payment.
Experts are blaming wages not keeping up with housing costs and fewer homes available on the market.
Plus, half of first-time buyers say at least part of their down payment came from a gift or loan from family or friends, a 2023 study found.
Florida buyers are among those feeling this the most, with South Florida proving to be the area with the highest income needed to afford a home comfortably — at about $151,163.
Florida findings
| Metropolitan Area* |
Size Rank |
Income Needed to Afford a Mortgage, January 2024 |
Change in Needed Income Since January 2020 |
Zillow Home Value Index (ZHVI), January 20243 |
Monthly Mortgage Payment, 10% Down4 |
Years to Save a 10% Down Payment |
| Miami, FL | 8 | $151,163 | $74,834 | $472,970 | $3,018 | 12.3 |
| Orlando, FL | 22 | $121,418 | $58,140 | $386,687 | $2,467 | 9.9 |
| Tampa, FL | 18 | $116,329 | $58,577 | $370,474 | $2,364 | 9.8 |
| Jacksonville, FL | 39 | $109,271 | $51,617 | $348,665 | $2,225 | 8.2 |
Those in the Miami Metropolitan Area need about a $74,834 increase in income since 2020 — as South Florida has a Zillow Home Index of about $472,970 in 2024.
Monthly mortgage payments with 10 percent down sit just over $3,000.
Least affordable areas in US
The top four markets where household income must be at least $200,000 — all fall in the state of California.
These included San Jose ($454,296), San Francisco ($339,864), Los Angeles ($279,250) and San Diego ($273,613).
They are followed by Seattle ($213,984), the New York City metro area ($213,615) and Boston ($205,253).
Most affordable areas in US
Areas where people can comfortably afford a typical home with the lowest income include Pittsburgh, where $58,232 income is needed to afford a home.
Following behind are Memphis ($69,976), Cleveland ($70,810), New Orleans ($74,048) and Birmingham ($74,338).
