Data: Redfin; Note: Data assumes homebuyer spends no more than 30% of income on monthly mortgage payment; Chart: Axios Visuals
You need to earn roughly $104,000 a year to afford a median-priced home in the Tampa metro area, according to a recent Redfin report.
The big picture: The national figure, $117,000 a year, marks a new high going back to 2012 and is $33,000 more than the median household income in the U.S., which is around $84,000, per Redfin's analysis.
The median U.S. home price was nearly $430,000 last year, according to Redfin.
Mortgage rates topped 7% for the first time since May 2024, per Freddie Mac data out Thursday.
The fine print: Redfin's data assumes a homebuyer spends no more than 30% of their income on monthly mortgage payments.
The bottom line: "Affordability improved ever so slightly this year because wage growth outpaced the growth in monthly housing payments," Redfin senior economist Elijah de la Campa said in the report.
But for many, "buying a home remains more out of reach than ever and that's unlikely to change anytime soon."