Economy·Oct 10, 2026
Income Needed to Afford a Home Now Far Exceeds Median Pay, Fed Data Shows
With 30-year mortgage rates at 7.4%, about a third of renters surveyed by CNBC/SurveyMonkey say they don't think they'll ever be able to buy.
The income required to afford a median-priced home without spending more than 30% of it on housing costs is now well above the actual median US household income, according to Federal Reserve Bank of Atlanta data cited by Business Insider. The average 30-year fixed mortgage rate stood at 7.4% for the week ending October 8, making both first-time purchases and moves harder for existing homeowners, on top of rising home prices, utility bills and other ownership costs.
A CNBC/SurveyMonkey quarterly survey found that roughly a third of renters who want to own a home don't believe they ever will be able to, given current affordability. The Atlanta Fed's "qualified income" measure factors in principal and interest payments, property taxes, property insurance and a 10% down payment to determine what a household would need to earn to buy without being cost-burdened.
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