DC-Area Buyers Need to Earn $116,000 to Afford Starter Home, Per Report
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A new report estimates how much DC-area buyers need to earn in order to afford a "starter home" in the region.
Redfin recently found that, in order to afford a "starter home", first-time homebuyers need to have an income of approximately $116,000, about the same as last year, but notably higher than the $91,000 needed in 2022.
The problem with the term "starter home" however is that, in many ways, those no longer exist in the U.S. housing market.
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“It’s great news that starter homes are becoming a little more affordable, but there’s a catch,” said Redfin Senior Economist Elijah de la Campa. “Starter homes aren’t what they used to be. A decade ago, a turnkey four-bedroom house in a nice neighborhood was often considered a starter home, but today, a small fixer-upper condo is often all a first-time homebuyer can afford.”
For context, in the DC region, the median price of a starter home was pegged at just below $365,000 about the cost of a studio or junior one-bedroom in the city.
See other articles related to: starter homes
This article originally published at https://dc.urbanturf.com/articles/blog/dc-area_buyers_need_to_earn_116000_to_afford_starter_home_per_report/22768.
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