ATLANTA — In order to afford buying a home in the United States, most Americans need to earn at least $117,000.
That’s according to a new study by Bankrate, focused on income needed to buy a house in all 50 states.
For Georgia’s potential homebuyers, the average income needed to buy a house is a reported $101,448 per year.
That’s a nearly doubled increase from in 2020. The same study reported that Georgians only needed to earn about $60,000 to buy a home as of January 2020.
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As far as big increases to afford buying, Georgia isn’t alone.
The study found that income requirements to buy a house rose by 50% in more than half of the country.
“Since January 2020, the annual household income needed to afford a typical home has increased by more than 50 percent in 34 states, primarily due to tightening affordability brought on by higher rates and demand from pandemic-spurred migrations,” Bankrate reported.
Staying focused on Georgia, Bankrate said that the average mortgage payment as of January 2025 was close to $2,000.
The monthly mortgage in Georgia was $1,948 and the median home sale price in the same month was $368,900.
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