First-time+buyers+need+an+extra+%2445%2C000+a+year+to+afford+the+average+home

A new study by Clever Real Estate found that first-time buyers must earn nearly $120,000 annually to afford a 10% down payment on the median-priced home of $332,494. That poses a problem for the average American household, which earns less than $75,000 a year. Although the housing market has cooled since its peak in 2022, Americans continue to face challenges when buying a home. With stagnant wages, soaring housing costs, and an inflation rate that isn’t falling as quickly as the Federal Reserve hoped, prospective homeowners have many hard financial...