Source: Redfin —
Homebuyers in nearly every part of the country have felt the impact of surging housing prices since the start of the pandemic—but especially those in the Sun Belt, which has seen costs skyrocket even more than other areas as out-of-towners flock in.
Homebuyers in Tampa, FL need to earn $67,353 annually to afford the metro area’s typical monthly mortgage payment of $1,684. That’s up a staggering $21,791 (47.8%) from $45,562 a year earlier, the biggest percent increase of any major U.S. metro.
It’s followed by 12 other Sun Belt metros. In Phoenix, homebuyers must earn $87,026 to afford the area’s typical monthly mortgage payment of $2,176, up $27,302 (45.7%) from a year earlier, and in Las Vegas, buyers must earn $79,620 to afford the typical payment of $1,990, up $24,923 (45.6%) from a year ago. Next came the following metros, which all saw gains of nearly 40% or more: Orlando, FL, Jacksonville, FL, Nashville, TN, Austin, TX, Fort Worth, TX Anaheim, CA, Dallas, Atlanta, Charlotte, NC and San Diego. In this report, we use the word “homebuyer” to refer to someone who is taking out a loan to finance their home purchase.