Trends Winter 2024 | Page 10

Buying a House in 2024

Except for Wyoming , all of the states Ayres has offices in have metropolitan statistical areas that require 2024 home buyers to have annual income in the triple digits to buy the median-priced home , the Joint Center for Housing Studies at Harvard University reports . ( The Center assumed a 3.5 % down payment on a 30-year fixed rate loan with 0 points , a 6.75 % interest rate , and a 31 % debt-to-income ratio .)

Annual Income Required to Afford Median-Priced Home :
CALIFORNIA Riverside-San Bernardino-Ontario ....................$ 178,466 Sacramento-Roseville-Arden-Arcade ................$ 163,309 San Francisco-Oakland-Hayward .....................$ 400,078 San Jose-Sunnyvale-Santa Clara ..................... $ 566,265 San Diego-Carlsbad ................................................ $ 301,905
COLORADO Boulder ...................................................................... $ 253,096 Colorado Springs ........................................................ $ 138,119 Denver-Aurora-Lakewood ................................... $ 200,347 Fort Collins ................................................................ $ 186,036
MINNESOTA Minneapolis-St . Paul-Bloomington ....................$ 114,496
NORTH CAROLINA Raleigh ..........................................................................$ 135,350 Wilmington ................................................................. $ 139,627
WISCONSIN Madison ....................................................................... $ 137,042 Milwaukee-Waukesha-West Allis ....................... $ 108,944
FLORIDA Cape Coral-Fort Myers ............................................. $ 127,717 Deltona-Daytona Beach-Ormond Beach .......... $ 110,791 Gainesville .................................................................$ 109,068 Jacksonville .............................................................. $ 120,024 Lakeland-Winter Haven ......................................... $ 102,574 Miami-Fort Lauderdale-West Palm Beach ......$ 192,345 Naples-Immokalee-Marco Island ...................... $ 261,590 North Port-Sarasota-Bradenton .........................$ 156,954 Orlando-Kissimmee-Sanford ............................... $ 133,872 Palm Bay-Melbourne-Titusville ............................$ 113,868 Panama City ............................................................... $ 108,021 Port St . Lucie .............................................................. $ 130,795 Punta Gorda ............................................................... $ 116,884 Tampa-St . Petersburg-Clearwater ....................... $ 124,701 Sebastian-Vero Beach ............................................... $ 134,119
In 2023 , all of these areas ’ median sale prices for existing single-family homes were at least four times greater than the median household income within their respective market . In the San Jose-Sunnyvale-Santa Clara , California , metropolitan statistical area , the median sale price was 11.2 times that of the median household income .
6 | TRENDS Ingenuity , Integrity , and Intelligence .