40% More Income Needed To Afford Home In The Sunbelt

 

 

40% More Income Needed To Afford Home In The Sunbelt

 

Pandemic Homebuyers Flocked to the Sun Belt for Better Prices. Now, You’ll Need 40% More Income to Afford a Home There. Homes are much less affordable than they were a year ago due to skyrocketing prices and surging mortgage rates–especially in Sun Belt metros like Tampa, Phoenix and Las Vegas. Homebuyers in Tampa, FL need to earn $67,353 annually to afford the metro area’s typical monthly mortgage payment of $1,684. That’s up a staggering $21,791 (47.8%) from $45,562 a year earlier, the biggest percent increase of any major U.S. metro. Next came the following metros, which all saw gains of nearly 40% or more: Orlando, FL, Jacksonville, FL, Nashville, TN, Austin, TX, Fort Worth, TX Anaheim, CA.