Charlotte homebuyers need $50K more than renters
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Charlotte metro area homebuyers have to earn nearly $50,000 more a year than renters to afford their monthly housing payments, according to a recent Redfin report.
Why it matters: A "triple whammy" of rising home prices, high mortgage rates and a shortage of houses for sale is making it harder for renters to make the leap to homeownership, per the report.
Driving the news: The median home price in the Charlotte metro area recently rose 2.6% from a year earlier to around $393,532, with mortgage rates hovering near 6.5%.
- And the median monthly rent was up 1% to roughly $1,484.
By the numbers: You need an annual income of around $105,974 to afford a mid-priced home in the Charlotte metro area — roughly 78.5% more than the $59,360 needed to afford a mid-priced apartment, the real estate site found.