{"id":836060,"date":"2025-04-10T09:19:41","date_gmt":"2025-04-10T13:19:41","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-homeowners-need-to-earn-over-50000-more-than-renters-to-afford-monthly-payments-and-the-gap-is-widening\/"},"modified":"2025-04-10T09:19:41","modified_gmt":"2025-04-10T13:19:41","slug":"redfin-reports-homeowners-need-to-earn-over-50000-more-than-renters-to-afford-monthly-payments-and-the-gap-is-widening","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-homeowners-need-to-earn-over-50000-more-than-renters-to-afford-monthly-payments-and-the-gap-is-widening\/","title":{"rendered":"Redfin Reports Homeowners Need to Earn Over $50,000 More Than Renters to Afford Monthly Payments\u2014And the Gap is Widening"},"content":{"rendered":"

<\/p>\n

Redfin Reports Homeowners Need to Earn Over $50,000 More Than Renters to Afford Monthly Payments<\/b>\u2014<\/b>And the Gap is Widening<\/b><\/p>\n

Americans need an annual income of $117,000 to afford the typical home for sale, 82% more than they need for the typical rental<\/i><\/p>\n

SEATTLE–(BUSINESS WIRE<\/a>)–
\n(NASDAQ: RDFN) \u2014 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\u2019s according to a new report<\/a> from Redfin (redfin.com), the technology-powered real estate brokerage.\n<\/p>\n

\nLast year, someone needed to earn $110,808 to afford the typical U.S. home for sale\u201473.1% 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\u201454.5% more than the $65,600 required for the typical rental. And back in 2021, they needed to earn $63,925 to afford the typical home for sale\u2014just 17.3% more than the $54,520 required for the typical rental. Redfin considers a home affordable if a buyer taking out a mortgage spends no more than 30% of their income on their monthly housing payment.\n<\/p>\n

\nThe cost of buying a home is rising faster than the cost of renting, which is why there\u2019s a growing gap between the income someone needs to afford their own home versus an apartment. The median home-sale price rose 4.5% year over year to $423,892 in February, and has been growing at roughly that pace for months. Plus, the average 30-year-fixed mortgage rate is hovering above 6.5%\u2014more than double the record low hit during the pandemic. The typical U.S. household earns an estimated $86,382\u2014roughly $30,000 less than the income required to afford the typical home for sale.\n<\/p>\n

\nMeanwhile, the median asking rent rose just 0.2% year over year to $1,604 in February. Rents have stabilized below their record high because an influx of newly-built apartments ushered in by the pandemic construction boom has given renters more options. That has made it harder for landlords to boost rents. Supply in the for-sale market is more constrained\u2014partly due to the mortgage-rate lock-in effect<\/a>\u2014which is fueling bidding wars and larger price increases.\n<\/p>\n

\nBack in 2020 and 2021, rents were skyrocketing and mortgage rates hit record lows, which is why the income needed to afford a home was only about 17% higher than the income needed to afford an apartment.\n<\/p>\n

\n\u201cIt has become increasingly challenging for American renters to make the shift to homeownership thanks to the triple whammy of rising home prices, high mortgage rates and a shortage of houses for sale,\u201d said Redfin Senior Economist Elijah de la Campa<\/a>. \u201cThe gap between what someone must earn to buy versus rent may shrink in the coming months, but only because rents are expected to rise as the number of new apartments hitting the market tapers off due to a construction slowdown.\u201d\n<\/p>\n

Salt Lake City and Austin See Biggest Jumps in Homebuying Premium<\/b><\/p>\n

\nIn Salt Lake City<\/a>, someone needs an annual income of $140,412 to afford the typical home for sale. That\u2019s 134% more than they need to afford the typical rental. By comparison, they only would have needed to earn 106% more last February. That 28-percentage-point increase is the largest increase among the 42 core-based statistical areas (CBSAs) Redfin analyzed.\n<\/p>\n

\nNext came Austin, TX<\/a> (+24.6 ppts to 143%), San Diego<\/a> (+21.7 ppts to 127%), New York<\/a> (+20.7 ppts to 76%) and Los Angeles<\/a> (+20.7 ppts to 141%).\n<\/p>\n

\nIn most of these places, asking rents are falling while home prices are rising, which is why the gap is widening. Take Salt Lake City, for example. Asking rents in the Utah capital fell 7.8% year over year in February\u2014the second biggest decline among the places Redfin analyzed (Austin was first, with a 10.1% drop)\u2014while home prices rose 4.3%.\n<\/p>\n

\nRents are falling sharply in pandemic boomtowns including Austin because a lot of new apartments have been hitting the market. And home prices are rising sharply in big cities like New York<\/a> as major urban areas make a comeback<\/a>.\n<\/p>\n\n\n\n\n\n\n\n
\n

CBSA<\/b><\/p>\n<\/td>\n

\n

Y\/Y change in median<\/b><\/p>\n

home sale price<\/b><\/p>\n<\/td>\n

\n

Y\/Y change in median<\/b><\/p>\n

asking rent<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nSalt Lake City, UT\n<\/p>\n<\/td>\n

\n

\n4.3%\n<\/p>\n<\/td>\n

\n

\n-7.8%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nAustin-Round Rock-Georgetown, TX\n<\/p>\n<\/td>\n

\n

\n-1.3%\n<\/p>\n<\/td>\n

\n

\n-10.1%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nSan Diego-Chula Vista-Carlsbad, CA\n<\/p>\n<\/td>\n

\n

\n3.4%\n<\/p>\n<\/td>\n

\n

\n-5.7%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nNew York-Newark-Jersey City, NY-NJ-PA\n<\/p>\n<\/td>\n

\n

\n8.6%\n<\/p>\n<\/td>\n

\n

\n-4.5%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nLos Angeles-Long Beach-Anaheim, CA\n<\/p>\n<\/td>\n

\n

\n7.1%\n<\/p>\n<\/td>\n

\n

\n-1.6%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

Cincinnati and Providence See Biggest Drops in Homebuying Premium<\/b><\/p>\n

\nIn Cincinnati, someone needs an annual income of $80,752 to afford the typical home for sale. That\u2019s 38.9% more than they need to afford the typical rental. By comparison, they would have needed to earn 47.7% more last February. That 8.7-percentage-point decrease is the largest increase among the CBSAs Redfin analyzed.\n<\/p>\n

\nOnly five other CBSAs saw decreases: Providence, RI (-7.5 ppts to 57.6%), Washington, D.C. (-5.7 ppts to 88%), Baltimore (-5 ppts to 63.8%), Louisville, KY (-4.7 ppts to 43.2%) and Sacramento, CA (-1.3 ppts to 98%).\n<\/p>\n

\nIn all of these places, rents are rising faster than home prices, which is why the gap is shrinking. In Cincinnati, the median asking rent jumped 15.3% year over year in February\u2014the biggest jump among the places Redfin analyzed and roughly double the 7.8% gain in the local median sale price.\n<\/p>\n\n\n\n\n\n\n\n\n
\n

CBSA<\/b><\/p>\n<\/td>\n

\n

Y\/Y change in median<\/b><\/p>\n

home sale price<\/b><\/p>\n<\/td>\n

\n

Y\/Y change in median<\/b><\/p>\n

asking rent<\/b><\/p>\n<\/td>\n<\/tr>\n

\n

\nCincinnati, OH-KY-IN\n<\/p>\n<\/td>\n

\n

\n7.8%\n<\/p>\n<\/td>\n

\n

\n15.3%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nProvidence-Warwick, RI-MA\n<\/p>\n<\/td>\n

\n

\n6.7%\n<\/p>\n<\/td>\n

\n

\n12.2%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nWashington-Arlington-Alexandria, DC-VA-MD-WV\n<\/p>\n<\/td>\n

\n

\n4.2%\n<\/p>\n<\/td>\n

\n

\n8.1%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nBaltimore-Columbia-Towson, MD\n<\/p>\n<\/td>\n

\n

\n5.3%\n<\/p>\n<\/td>\n

\n

\n9.1%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nLouisville\/Jefferson County, KY-IN\n<\/p>\n<\/td>\n

\n

\n3.6%\n<\/p>\n<\/td>\n

\n

\n8.2%\n<\/p>\n<\/td>\n<\/tr>\n

\n

\nSacramento-Roseville-Folsom, CA\n<\/p>\n<\/td>\n

\n

\n2.8%\n<\/p>\n<\/td>\n

\n

\n4.4%\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n

\n\u201cThe increase in rents is definitely having an impact on the for-sale market\u2014a lot of people are looking to buy instead of rent, and many of those people are first-time homebuyers in their mid-to-late twenties,\u201d said Cody Brownfield<\/a>, a Redfin Premier<\/a> real estate agent in Cincinnati. \u201cThere are a lot of new apartment complexes here, but not enough to keep up with demand, which is one reason rents have been rising. Plus, a lot of new apartments are expensive because they\u2019re in luxury buildings, so many people figure they can get more bang for their buck by buying.\u201d\n<\/p>\n

The Bay Area Has the Biggest Homebuying Premium; Pittsburgh Has the Smallest<\/b><\/p>\n

\nIn San Jose, CA, someone needs an annual income of $408,557 to afford the typical home for sale. That\u2019s 218% more than they need to afford the typical apartment for rent\u2014the biggest premium among the CBSAs Redfin analyzed. Next come San Francisco (176%), Seattle (145%), Austin (143%) and Los Angeles (141%).\n<\/p>\n

\nMost of these places are West Coast tech hubs that have long been known as expensive. The $408,557 someone must earn to afford the typical San Jose home for sale is the highest in the nation. Someone in San Jose must earn $128,580 to afford the typical apartment for rent. That\u2019s also the highest in the country but pales in comparison to the income needed to buy a home in San Jose.\n<\/p>\n

\nOf note is that New York also has a reputation for being expensive, but is not in the top five list above. That\u2019s because there isn\u2019t as big of a gap between rents and home prices. Someone in New York needs to earn $199,708 to afford the typical home for sale\u201476% more than the $113,440 they need to afford the typical apartment. New York is the sixth most expensive place to buy a home, but the second most expensive place to rent an apartment.\n<\/p>\n

\nIn Pittsburgh, someone needs an annual income of $66,350 to afford the typical home for sale. That\u2019s just 14.4% more than they need to earn to afford the typical apartment for rent\u2014the smallest premium among the CBSAs Redfin analyzed. Next come Cleveland (29.7%), Detroit (30.7%), Cincinnati (38.9%) and Philadelphia (40.9%). Most of these are among the most affordable places to buy a home in the country.\n<\/p>\n

\nTo view the full report, including charts and methodology, please visit:
\n
https:\/\/www.redfin.com\/news\/rent-vs-buy-income-gap-2025<\/a><\/p>\n

About Redfin<\/b><\/p>\n

\nRedfin (www.redfin.com<\/a>) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, and title insurance services. We run the country’s #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we’ve saved customers more than $1.8 billion in commissions. We serve approximately 100 markets across the U.S. and Canada and employ over 4,000 people.\n<\/p>\n

\nRedfin\u2019s subsidiaries and affiliated brands include: Bay Equity Home Loans\u00ae, Rent.\u2122, Apartment Guide\u00ae, Title Forward\u00ae and WalkScore\u00ae.\n<\/p>\n

\nFor more information or to contact a local Redfin real estate agent, visit www.redfin.com<\/a>. To learn about housing market trends and download data, visit the Redfin Data Center<\/a>. To be added to Redfin’s press release distribution list, email press@redfin.com<\/a>. To view Redfin’s press center, click here<\/a>.\n<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20250410016094\/en\/<\/a><\/span><\/p>\n

\nContact Redfin
\n
Redfin Journalist Services:
\n
Kenneth Applewhaite
\n
press@redfin.com<\/a><\/p>\n

KEYWORDS:<\/b> United States North America Washington<\/p>\n

INDUSTRY KEYWORDS:<\/b> Professional Services Technology Residential Building & Real Estate Software Finance Construction & Property Internet<\/p>\n

MEDIA:<\/b><\/p>\n\n\n\n\n
Logo<\/b><\/font><\/td>\n<\/tr>\n
\"Logo\"<\/td>\n<\/tr>\n
<\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Redfin Reports Homeowners Need to Earn Over $50,000 More Than Renters to Afford Monthly Payments\u2014And the Gap is Widening Americans need an annual income of $117,000 to afford the typical home for sale, 82% more than they need for the typical rental SEATTLE–(BUSINESS WIRE)– (NASDAQ: RDFN) \u2014 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\u2019s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Last year, someone needed to earn $110,808 to afford the typical U.S. home for sale\u201473.1% more than the $64,000 needed for the typical rental. Two years ago, they needed to earn … <\/p>\n

Continue reading “Redfin Reports Homeowners Need to Earn Over $50,000 More Than Renters to Afford Monthly Payments\u2014And the Gap is Widening”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-836060","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nRedfin Reports Homeowners Need to Earn Over $50,000 More Than Renters to Afford Monthly Payments\u2014And the Gap is Widening - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-homeowners-need-to-earn-over-50000-more-than-renters-to-afford-monthly-payments-and-the-gap-is-widening\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Redfin Reports Homeowners Need to Earn Over $50,000 More Than Renters to Afford Monthly Payments\u2014And the Gap is Widening - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Redfin Reports Homeowners Need to Earn Over $50,000 More Than Renters to Afford Monthly Payments\u2014And the Gap is Widening Americans need an annual income of $117,000 to afford the typical home for sale, 82% more than they need for the typical rental SEATTLE–(BUSINESS WIRE)– (NASDAQ: RDFN) \u2014 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\u2019s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Last year, someone needed to earn $110,808 to afford the typical U.S. home for sale\u201473.1% more than the $64,000 needed for the typical rental. 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-homeowners-need-to-earn-over-50000-more-than-renters-to-afford-monthly-payments-and-the-gap-is-widening\/","og_locale":"en_US","og_type":"article","og_title":"Redfin Reports Homeowners Need to Earn Over $50,000 More Than Renters to Afford Monthly Payments\u2014And the Gap is Widening - Market Newsdesk","og_description":"Redfin Reports Homeowners Need to Earn Over $50,000 More Than Renters to Afford Monthly Payments\u2014And the Gap is Widening Americans need an annual income of $117,000 to afford the typical home for sale, 82% more than they need for the typical rental SEATTLE–(BUSINESS WIRE)– (NASDAQ: RDFN) \u2014 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\u2019s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Last year, someone needed to earn $110,808 to afford the typical U.S. home for sale\u201473.1% more than the $64,000 needed for the typical rental. Two years ago, they needed to earn … Continue reading \"Redfin Reports Homeowners Need to Earn Over $50,000 More Than Renters to Afford Monthly Payments\u2014And the Gap is Widening\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-homeowners-need-to-earn-over-50000-more-than-renters-to-afford-monthly-payments-and-the-gap-is-widening\/","og_site_name":"Market Newsdesk","article_published_time":"2025-04-10T13:19:41+00:00","og_image":[{"url":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20250410016094r1&sid=flmnd&distro=nx&lang=en","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"7 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-homeowners-need-to-earn-over-50000-more-than-renters-to-afford-monthly-payments-and-the-gap-is-widening\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-homeowners-need-to-earn-over-50000-more-than-renters-to-afford-monthly-payments-and-the-gap-is-widening\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Redfin Reports Homeowners Need to Earn Over $50,000 More Than Renters to Afford Monthly Payments\u2014And the Gap is Widening","datePublished":"2025-04-10T13:19:41+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-homeowners-need-to-earn-over-50000-more-than-renters-to-afford-monthly-payments-and-the-gap-is-widening\/"},"wordCount":1489,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-homeowners-need-to-earn-over-50000-more-than-renters-to-afford-monthly-payments-and-the-gap-is-widening\/#primaryimage"},"thumbnailUrl":"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&sty=20250410016094r1&sid=flmnd&distro=nx&lang=en","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-homeowners-need-to-earn-over-50000-more-than-renters-to-afford-monthly-payments-and-the-gap-is-widening\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-homeowners-need-to-earn-over-50000-more-than-renters-to-afford-monthly-payments-and-the-gap-is-widening\/","name":"Redfin Reports Homeowners Need to Earn Over $50,000 More Than Renters to Afford Monthly Payments\u2014And the Gap is Widening - 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