A homebuyer now needs to earn at least $114,000 a year to afford a $431,250 home – the national median listing price in April, according to data released Thursday by Realtor.com
The analysis assumes that a homebuyer will make a 20% down payment, finance the rest of the purchase with a 30-year fixed-rate mortgage, and that the buyer’s housing costs won’t exceed 30% of their gross monthly income — an often-used barometer of housing affordability.
Based off the latest U.S. median home listing price, homebuyers need to earn $47,000 more a year to afford a home than they would have just six years ago. Back then, the median U.S. home listing price was $314,950, and the average rate on a 30-year mortgage hovered around 4.1%. This week, the rate averaged 6.76%.
I’m in the south, and I have friends who work for these companies and even run their own. There is a difference if you’re not licensed though, but even then they’re not making just $15 or less an hour.
agree but those people talking about are probably over 40
younger people licensed or not are being shafted when it comes to pay and treated like expendables
one of those plumbers know eventually gave up plumbing and he was damn good