Over the past few years, prospective homeowners have chased a moving target: homeownership.The median sales price of houses sold in the U.S. stood at $417,700 in the fourth quarter of 2023—down from a peak of $479,500 in Q4 2022. But that drop hasn’t made homebuying much easier since mortgage rates remain high. As of May 20, 2024, the average 30-year fixed rate mortgage rate stands at 7.09%, according to Mortgage News Daily.So, if you’re in the market for a house and wondering how much you need to earn to afford one, we’ve got your back. We crunched the numbers to find out how much you need to earn to afford a $400,000 home in the U.S.SPONSORED PARTNERRocket MortgageTrustpilot Rating4.7 out of 5Trustpilot Reviews30,756Origination Volume (2022)126,258View offer at Rocket Mortgage About Rocket Mortgage is America’s largest mortgage lender, helping millions achieve the dream of home ownership since launching the first online mortgage process in 2015. In 2021, they changed their official c...
