'Even places that historically have been affordable now need six figures,' according to Redfin's chief economist.
You don't have to be a millionaire to buy a home, but earning six figures would help.The typical American household needs an annual income of $115,000 to afford the median priced home, which is $40,000 more than what the average household makes, according to Redfin chief economist Daryl Fairweather.'Even places that historically have been affordable now need six figures,' she told CBS MoneyWatch.
Also underlying rising home values is the limited supply of existing homes, with owners unwilling or reluctant to sell in an environment where they are carrying a low mortgage rate. 'Mortgage rates may move lower at some point, but we're not going back to 3% — the 2020 levels are not going to go back,' McBride said.'It would take a recession, and we don't want that,' said Fairweather.
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