Real estate video: Tips for first-time homebuyers
Tips for first time homebuyers
Evan Frank/IndyStar, Wochit
Buyers in Massachusetts need one of the highest incomes of any state in the country to purchase a home, according to a new analysis by Realtor.com.
According to the analysis, which was compiled based on median monthly mortgage payment data, Hawaii is the only state where buyers need to earn more than buyers in Massachusetts to purchase a home.
Overall, the analysis found that in 36 out of the 50 states, homebuyers need to earn six figures per year to afford a home.
“Purchasing a median-priced home in today’s market ranges from challenging to downright impossible for median-income households,” Realtor.com senior economic research analyst Hannah Jones said.
How much do people in Massachusetts need to earn to buy a home?
According to Realtor.com’s analysis, the median household income required to purchase a home in Massachusetts is more than $215,000 per year.
That’s the second highest of any state, per the list.
In Massachusetts, the median home list price is more than $732,000, according to the website.
In which states do buyers need the highest incomes to purchase a home?
In these states, buyers need the highest median household income to buy a home:
- Hawaii – $235,588
- Massachusetts – $215,696
- California – $210,557
- New York – $189,207
- Montana – $178,017
- Washington – $176,669
- Utah – $173,744
- Colorado – $166,370
- New Hampshire – $165,512
- Idaho – $164,750
Read More: How much do you need to make to buy a home in MA?
