Redfin Reports Homeowners Need to Earn Over $50,000 More Than Renters to Afford Monthly Payments—And the Gap is Widening

Americans need to earn $116,633 per year to afford the median priced home for sale, 81.8% more than the $64,160 needed to afford the typical apartment for rent. That's according to a new report from Redfin, the technology-powered real estate brokerage. Last year, someone needed to earn $110,808 to afford the typical U.S. home for sale—73.1% more than the $64,000 needed for the typical rental. Two years ago, they needed to earn $101,341 to afford the typical home for sale—54.5% more than the $65,600 required for the typical rental.