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It now takes a six-figure income to buy a house in almost half of America
Potential homebuyers in 22 states and Washington need a six-figure salary to afford a median-priced home
In 22 states and the District of Columbia, potential homebuyers need to make a six-figure salary to afford a median-priced home (which currently sits at $402,343), a recent Bankrate analysis found. The average rate on a 30-year fixed mortgage ticked down slightly to 7.01%, according to Bankrate’s weekly national survey of large lenders. Mortgage rates are being buoyed both by stubborn inflation that came in hotter than expected at 3.2% in February, thanks in large part to shelter and gasoline prices, and the Federal Reserve’s attempt to wrangle it down to a 2% target.
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