Buying a “ starter home ” is often thought of as a major financial rite of passage, but many families will not be able to reach that goal. According to a recent Redfin report, prospective homebuyers need to earn about $80,000 to afford the median-priced starter home — that’s up 4.4% from this time last year and only about $500 less than the all-time high. That means starter homes are just barely affordable for families earning the median U.S. income.
However, a family earning the local median income can’t afford a starter home in half of the 50 most populous metros in the U.S.
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