Source: Bankrate —
The real estate market has been volatile over the past few years. We’ve experienced high buyer demand, persistently low inventory and mortgage rates rising steeply after a period of record lows.
In many cases, elevated home prices mean housing is less affordable today than before the pandemic, and increased inflation has made purchasing a home even more challenging. Rents are rising as well, with the average monthly cost of a one-bedroom apartment increasing by more than 7 percent year-over-year in January, according to data from Zumper.
If you’re hoping to buy a home in 2023, how much can you afford to spend? It depends on a lot of factors, but two of the biggest are your salary and your location. Read on for current data and insights on how much it costs to purchase in popular American cities and what you can likely afford based on how much you earn.
2023 key statistics for buying a home in the U.S.
- The median home price in the U.S. as of January 2023 is $359,000, according to the National Association of Realtors (NAR).
- NAR’s most recent data reveals that the San Diego area currently has the highest median single-family home sale price at $1.79 million.
- The market with the lowest median price, by contrast, is Decatur, Illinois, at $120,000.
