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  • Buying Your First Home in Seattle, WA? Here’s How Much Money You Need to Make

    Buying Your First Home in Seattle, WA? Here’s How Much Money You Need to Make

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    It’s approaching $200,000, among the highest in the nation.

    Seattle, WA, is known for its natural beauty, outdoor recreation, delicious cuisine, and tech-focused companies. And in addition to being an engaging and unique place to live, Seattle is also home to a highly competitive real estate market that’s seen large changes over the past few years. 

    For many, buying a home in Seattle is a dream come true, but it’s also important to know how it will impact your finances. From down payments to monthly mortgage payments, there’s a lot to understand before buying your first home 

    So whether you already live in the Emerald City or are looking to relocate to the area, here’s a breakdown of the income you’ll need to purchase your first home in Seattle.

    Check out our original report for a detailed nationwide analysis.

    How much income do you need to buy a starter home in Seattle?

    The median sale price of a starter home in Seattle is $535,000. In order to afford this, first-time homebuyers in Seattle should make $173,378 per year, up 8.4% from 2023. The median income in Seattle is $126,647, meaning the typical resident cannot afford a starter home. 

    Only California metros require a higher annual income to afford a starter home. Anaheim, Los Angeles, Oakland, San Diego, San Francisco, and San Jose all top $175,000. 

    As expected, starter homes in Seattle are more affordable than the average home (all price brackets combined; see methodology for details). In order to afford any median-priced home in the area, you’ll need to make $214,904 (as of October 2023). 

    Nationwide, you need an income of $75,849 to afford a typical starter home, which costs an average of $240,000. The average U.S. household earns an estimated $84,072.

    First-time homebuyers’ guide to the Seattle housing market

    Seattle has experienced a growing but mixed market over the past few years. House prices have risen by 12.5% since January 2021, but the area also saw sharp increases and drops.

    Like most other metros in the U.S., Seattle’s housing market exploded in early 2022, with prices rising 17.4% in just three months from January ($734,950) to March ($888,844). They have settled back down a little but are still elevated above pre-pandemic prices.

    The pandemic-driven housing migration boom also affected Seattle similar to many other coastal metros; more people looked to leave than stay, with buyers searching for sun and affordability. While this reduced the number of homebuyers in the area, Seattle still grew by 17,750 people from 2021-2022, a continuation of years of growth. Nearly 9,000 people left the city from 2020-2021, but this turned out to be a blip.

    If you’re looking to move to Seattle, the area is home to plenty of amenities and attractions throughout its unique neighborhoods. The Space Needle, Pike Place Market, and the Washington Park Arboretum are some of the most well known spots, offering stunning views and fun experiences for people of all ages.

    Popular neighborhoods in Seattle include Ballard, Columbia City, Green Lake, and West Seattle.

    What does a typical down payment look like for a starter home in Seattle?

    Here are some common down payment amounts for a typical $535,000 starter home in Seattle:

    Down payment percentage Down payment amount
    3% down payment $16,050
    3.5% down payment $18,725
    5% down payment $26,750
    10% down payment $53,500
    15% down payment $80,250
    20% down payment $107,000

    Down payments can range from 0% to 100% of the total house price, depending on your budget, loan type, and long-term priorities. While experts have historically recommended budgeting for a 20% down payment, the increasing cost of homes and continued sluggish wage increases has led to a 15% down payment becoming more common. 

    Some loan types allow for lower down payment amounts. For example, a Federal Housing Administration (FHA) loan requires just 3.5% down, while the lowest possible down payment for a conventional loan is 3%. These amounts typically depend on your credit scores, so buyers with higher credit scores may qualify for lower down payments.

    What is the typical mortgage payment for a starter home in Seattle?

    The typical monthly mortgage payment for a starter home in Seattle is $4,334. This assumes you put 3.5% down and have around a 7% interest rate.

    If this payment sounds too high, you could consider renting an apartment in Seattle. The median rent price is $1,990, under half the typical mortgage payment. You can also use an affordability calculator to see what you can afford based on your income and down payment.

    What should you do next?

    If you’re in the market for your first home in Seattle, it’s important to understand how much house you can afford. Take your annual income, credit score, the current mortgage rates, and local market trends to make a decision that works best for you.

    From there, a Seattle agent can help you navigate the entire home buying process and provide valuable local expertise. To learn more about how to buy a home, check out Redfin’s First-Time Homebuyer’s Guide.

    Methodology

    Redfin divides all U.S. properties into five buckets based on Redfin Estimates of homes’ market values. There are three equal-sized tiers, as well as tiers for the bottom 5% and top 5% of the market. Redfin defines “starter homes” as homes whose sale price fell into the 5th-35th percentile of the Redfin Estimate tier. 

    We calculated the annual income needed to afford a starter home by assuming a buyer spends no more than 30% of their income on housing payments. Housing payments are calculated assuming the buyer made a 3.5% down payment and also take a month’s median sale price and average mortgage-interest rate into account. 

    The national income data is adjusted for inflation using the Consumer Price Index. 2024 income is estimated based on projections from the U.S. Census Bureau’s (ACS) 2022 median household income using the 12-month moving average nominal wage growth rate. The rate was compiled from the Current Population Survey and reported by the Federal Reserve Bank of Atlanta.

    We assume housing payments include the mortgage principal, interest, property taxes, homeowners insurance, and mortgage insurance (when applicable).

    All data sourced February 2024 unless otherwise stated.

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    Kiley Lazarus | Redfin Real Estate Agent

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  • Buying Your First Home in Seattle, WA? Here’s How Much Money You Need to Make

    Buying Your First Home in Seattle, WA? Here’s How Much Money You Need to Make

    [ad_1]

    It’s approaching $200,000, among the highest in the nation.

    Seattle, WA, is known for its natural beauty, outdoor recreation, delicious cuisine, and tech-focused companies. In addition to being an affordable and unique place to live, Seattle is also home to a highly competitive real estate market that’s seen large changes over the past few years. 

    For many, buying a home in Seattle is a dream come true, but it’s also important to know how it will impact your finances. From down payments to monthly mortgage payments, there’s a lot to understand before buying your first home 

    So whether you already live in the Emerald City or are looking to relocate to the area, here’s a breakdown of the income you’ll need to purchase your first home in Seattle.

    Check out our original report for a detailed nationwide analysis.

    How much income do you need to buy a starter home in Seattle?

    The median sale price of a starter home in Seattle is $535,000. In order to afford this, first-time homebuyers in Seattle should make $173,378 per year, up 8.4% from 2023. The median income in Seattle is $126,647, meaning the typical resident cannot afford a starter home. 

    Only California metros require a higher annual income to afford a starter home. Anaheim, Los Angeles, Oakland, San Diego, San Francisco, and San Jose all top $175,000. 

    As expected, starter homes in Seattle are more affordable than the average home (all price brackets combined; see methodology for details). In order to afford any median-priced home in the area, you’ll need to make $214,904 (as of October 2023). 

    Nationwide, you need an income of $75,849 to afford a typical starter home, which costs an average of $240,000. The average U.S. household earns an estimated $84,072.

    First-time homebuyers’ guide to the Seattle housing market

    Seattle has experienced a growing but mixed market over the past few years. House prices have risen by 12.5% since January 2021, but the metro also saw sharp increases and drops.

    Like most other metros in the U.S., Seattle’s housing market exploded in early 2022, with prices rising 17.4% in just three months (from $734,950 in January to $888,844 in March). They have settled back down a little but are still elevated above pre-pandemic prices.

    The pandemic-driven housing migration boom also affected Seattle similar to many other coastal metros; more people looked to leave than stay, with buyers searching for sun and affordability. However, Seattle still grew by 17,750 people from 2021-2022, a continuation of years of growth. Nearly 9,000 people left the city from 2020-2021, but this turned out to be a blip.

    If you’re looking to move to Seattle, the area is home to plenty of amenities and attractions throughout its unique neighborhoods. The Space Needle, Pike Place Market, and Washington Park Arboretum are some of the most well known spots, offering stunning views and fun experiences for people of all ages.

    Some popular neighborhoods in Seattle include Ballard, Columbia City, Green Lake, and West Seattle.

    What does a typical down payment look like for a starter home in Seattle?

    Here are some common down payment amounts for a typical $535,000 starter home in Seattle:

    Down payment percentage Down payment amount
    3% down payment $16,050
    3.5% down payment $18,725
    5% down payment $26,750
    10% down payment $53,500
    15% down payment $80,250
    20% down payment $107,000

    Down payments can range from 0% to 100% of the total house price, depending on your budget, loan type, and long-term priorities. While experts have historically recommended budgeting for a 20% down payment, the increasing cost of homes and continued sluggish wage increases has led to a 15% down payment becoming more common. 

    Some loan types allow for lower down payment amounts. For example, a Federal Housing Administration (FHA) loan requires just 3.5% down, while the lowest possible down payment for a conventional loan is 3%. These amounts typically depend on your credit scores, so buyers with higher credit scores may qualify for lower down payments.

    house in tacoma wa

    What is the typical mortgage payment for a starter home in Seattle?

    The typical monthly mortgage payment for a starter home in Seattle is $4,334. This assumes you put 3.5% down and have around a 7% interest rate.

    If this payment sounds too high, you could consider renting an apartment in Seattle. The median rent price is $1,990, under half the typical mortgage payment. You can also use an affordability calculator to see what you can afford based on your income and down payment.

    What should you do next?

    If you’re in the market for your first home in Seattle, it’s important to understand how much house you can afford. Take your annual income, credit score, the current mortgage rates, and local market trends to make a decision that works best for you.

    From there, a Seattle agent can help you navigate the entire home buying process and provide valuable local expertise. To learn more about how to buy a home, check out Redfin’s First-Time Homebuyer’s Guide.

    Methodology

    Redfin divides all U.S. properties into five buckets based on Redfin Estimates of homes’ market values. There are three equal-sized tiers, as well as tiers for the bottom 5% and top 5% of the market. Redfin defines “starter homes” as homes whose sale price fell into the 5th-35th percentile of the Redfin Estimate tier. 

    We calculated the annual income needed to afford a starter home by assuming a buyer spends no more than 30% of their income on housing payments. Housing payments are calculated assuming the buyer made a 3.5% down payment and also take a month’s median sale price and average mortgage-interest rate into account. 

    The national income data is adjusted for inflation using the Consumer Price Index. 2024 income is estimated based on projections from the U.S. Census Bureau’s (ACS) 2022 median household income using the 12-month moving average nominal wage growth rate. The rate was compiled from the Current Population Survey and reported by the Federal Reserve Bank of Atlanta.

    We assume housing payments include the mortgage principal, interest, property taxes, homeowners insurance, and mortgage insurance (when applicable).

    All data sourced February 2024 unless otherwise stated.

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    Kiley Lazarus | Redfin Real Estate Agent

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  • Buying Your First Home in Pittsburgh, PA? Here’s How Much Money You Need to Make

    Buying Your First Home in Pittsburgh, PA? Here’s How Much Money You Need to Make

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    It’s the second-lowest amount in the country.

    Pittsburgh, PA, is known for its industrial history, natural beauty, and unique architecture. In addition to being an affordable and unique place to live, Pittsburgh is also home to a competitive real estate market that’s seen many changes over the past few years. 

    For many, buying a home in Pittsburgh is a dream come true, but it’s also important to know how it will impact your finances. From down payments to monthly mortgage payments, there’s a lot to understand before buying your first home 

    So whether you already live in the Steel City or are looking to relocate to the area, here’s a breakdown of the income you’ll need to purchase your first home in Pittsburgh.

    Check out our original report for a detailed nationwide analysis.

    How much income do you need to buy a starter home in Pittsburgh?

    The median sale price of a starter home in Pittsburgh is $90,000. In order to afford this, first-time homebuyers in Pittsburgh should make $32,308 per year, down 0.8% from 2023. The median income in Pittsburgh is $79,964, meaning the typical resident can afford a starter home. 

    Pittsburgh was the only major metropolitan area that saw a year-over-year decline in the income required to purchase a starter home. Additionally, Pittsburgh was the second-most affordable metro in the U.S. for first-time homebuyers, trailing only Detroit.

    As expected, starter homes in Pittsburgh are more affordable than the average home (all price brackets combined; see methodology for details). In order to afford any median-priced home in the area, you’ll need to make $64,639 (as of October 2023). 

    Nationwide, you need an income of $75,849 to afford a typical starter home, which costs an average of $240,000. The average U.S. household earns an estimated $84,072.

    First-time homebuyers’ guide to the Pittsburgh housing market

    Pittsburgh has experienced a relatively stable market over the past three years; prices haven’t risen above $275,000 or below $200,000. However, the region saw large price jumps in 2022 and 2023, similar to the rest of the U.S. Prices rose by 21% (to $270,000) from January to June 2022, and 26% (to $275,000) from January to July 2023. After each rise, prices fell back down. 

    Even with some notable growth, Pittsburgh continues to be one of the most affordable places to buy a house in the U.S. However, prices are currently rising more quickly than anywhere else in the nation, jumping 22% in February. Low supply and an inflow of homebuyers searching for affordability are helping drive prices up, a trend that has been affecting most of the Rust Belt. 

    If you’re looking to move to Pittsburgh, the area is home to plenty of amenities and attractions throughout its diverse neighborhoods. PNC Park, the Phipps Conservatory and Botanical Gardens, and Mount Washington are some of the most well known, offering beauty and enrichment for people of all ages.

    Some popular neighborhoods in Pittsburgh include Bloomfield, Greenfield, and Morningside.

    What does a typical down payment look like for a starter home in Pittsburgh?

    Here are some common down payment amounts for a typical $90,000 starter home in Pittsburgh:

    Down payment percentage Down payment amount
    3% down payment $2,700
    3.5% down payment $3,150
    5% down payment $4,500
    10% down payment $9,000
    15% down payment $13,500
    20% down payment $18,000

    Down payments can range from 0% to 100% of the total house price, depending on your budget, loan type, and long-term priorities. While experts have historically recommended budgeting for a 20% down payment, the increasing cost of homes and continued sluggish wage increases has led to a 15% down payment becoming more common. 

    Some loan types allow for lower down payment amounts. For example, a Federal Housing Administration (FHA) loan requires just 3.5% down, while the lowest possible down payment for a conventional loan is 3%. These amounts typically depend on your credit scores, so buyers with higher credit scores may qualify for lower down payments.

    What is the typical mortgage payment for a starter home in Pittsburgh?

    The typical monthly mortgage payment for a starter home in Pittsburgh is $808. This assumes you put 3.5% down and have around a 7% interest rate.

    If this payment sounds too high, renting an apartment in Pittsburgh likely won’t be any more affordable. The median rent price is $1,400, nearly double the typical mortgage payment. You can also use an affordability calculator to see what you can afford based on your income and down payment.

    What should you do next?

    If you’re in the market for your first home in Pittsburgh, it’s important to understand how much house you can afford. Take your annual income, credit score, the current mortgage rates, and local market trends to make a decision that works best for you.

    From there, a Pittsburgh agent can help you navigate the entire home buying process and provide valuable local expertise. To learn more about how to buy a home, check out Redfin’s First-Time Homebuyer’s Guide.

    Methodology

    Redfin divides all U.S. properties into five buckets based on Redfin Estimates of homes’ market values. There are three equal-sized tiers, as well as tiers for the bottom 5% and top 5% of the market. Redfin defines “starter homes” as homes whose sale price fell into the 5th-35th percentile of the Redfin Estimate tier. 

    We calculated the annual income needed to afford a starter home by assuming a buyer spends no more than 30% of their income on housing payments. Housing payments are calculated assuming the buyer made a 3.5% down payment and also take a month’s median sale price and average mortgage-interest rate into account. 

    The national income data is adjusted for inflation using the Consumer Price Index. 2024 income is estimated based on projections from the U.S. Census Bureau’s (ACS) 2022 median household income using the 12-month moving average nominal wage growth rate. The rate was compiled from the Current Population Survey and reported by the Federal Reserve Bank of Atlanta.

    We assume housing payments include the mortgage principal, interest, property taxes, homeowners insurance, and mortgage insurance (when applicable).

    All data sourced February 2024 unless otherwise stated.

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    James Smallidge | Redfin Real Estate Agent

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  • Buying Your First Home in Tampa, FL? Here’s How Much Money You Need to Make

    Buying Your First Home in Tampa, FL? Here’s How Much Money You Need to Make

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    While it’s less than in Miami, it’s still more than many residents make.

    Tampa, FL, is known for its crystal clear beaches, historic neighborhoods, lively sports culture, and unique festivals. In addition to being a coastal haven full of culture, Tampa is also home to a fairly competitive real estate market that’s seen large growth in recent years. 

    For many, buying a home in Tampa is a dream come true, but it’s also important to know how it will impact your finances. From down payments to monthly mortgage payments, there’s a lot to understand before buying your first home 

    So whether you already live in The Big Guava or are looking to relocate to the area, here’s a breakdown of the income you’ll need to purchase your first home in Tampa.

    Check out our original report for a detailed nationwide analysis.

    How much income do you need to buy a starter home in Tampa?

    The median sale price of a starter home in Tampa is $255,000. In order to afford this, first-time homebuyers in Tampa should make $82,528 per year, up 7.8% from 2023. However, the median income in Tampa is $75,316, meaning the typical resident can’t afford a starter home.

    As expected, starter homes in Tampa are more affordable than the average home (all price brackets combined; see methodology for details). In order to afford any median-priced home in the area, you’ll need to make $103,613 (as of October 2023). 

    Nationwide, you need an income of $75,849 to afford a typical starter home, which costs an average of $240,000. The average U.S. household earns an estimated $84,072.

    First-time homebuyers’ guide to the Tampa housing market

    Tampa’s housing market has experienced steady growth in the past five years, with a larger jump in popularity during and after the pandemic. Tampa’s recent popularity has largely been due to its sunny weather and relatively affordable housing, making it attractive for coastal homebuyers searching for sunshine and affordability. In fact, Tampa was the second-most popular metro for relocating homebuyers nationwide in June 2022. 

    This popularity has helped push home prices above the national median and beyond. From January 2021 to April 2024, the median home price in Tampa rose from $290,000 to $427,000. The area was particularly susceptible to buyers backing out of contracts, though.

    Interestingly, condos in the area have actually dropped in price recently as they recover from a surge in popularity that priced out many buyers. Rising insurance and HOA costs resulting from extreme climate risks also helped lower prices. 

    If you’re looking to move to Tampa, the area is home to many amenities and attractions throughout its neighborhoods. The Busch Gardens, Florida Aquarium, ZooTampa, and Ybor City (a historic neighborhood) are a few popular options. Some popular neighborhoods in Tampa include Forest Hills, Harbour Island, and Bayshore Beautiful.

    What does a typical down payment look like for a starter home in Tampa?

    Here are some common down payment amounts for a typical $255,000 starter home in Tampa:

     

    Down payment percentage Down payment amount
    3% down payment $7,650
    3.5% down payment $8,925
    5% down payment $12,750
    10% down payment $25,500
    15% down payment $38,250
    20% down payment $51,000

    Down payments can range from 0% to 100% of the total house price, depending on your budget, loan type, and long-term priorities. While experts have historically recommended budgeting for a 20% down payment, the increasing cost of homes and continued sluggish wage increases has led to a 15% down payment becoming more common. 

    Some loan types allow for lower down payment amounts. For example, a Federal Housing Administration (FHA) loan requires just 3.5% down, while the lowest possible down payment for a conventional loan is 3%. These amounts typically depend on your credit scores, so buyers with higher credit scores may qualify for lower down payments.

    how-to-prepare-your-house-for-a-hurricane-3

    What is the typical mortgage payment for a starter home in Tampa?

    The typical monthly mortgage payment for a starter home in Tampa is $2,063. This assumes you put 3.5% down and have around a 7% interest rate.

    If this payment sounds too high, Tampa rentals may not be any more affordable unfortunately; the average rent price in Tampa is $2,288, over $200 more than the median mortgage payment. Regardless, you can use an affordability calculator to see what you can afford based on your income and down payment.

    What should you do next?

    If you’re in the market for your first home in Tampa, it’s important to understand how much house you can afford. Take your annual income, credit score, the current mortgage rates, and local market trends to make a decision that works best for you.

    From there, a Tampa agent can help you navigate the entire home buying process and provide valuable local expertise. To learn more about how to buy a home, check out Redfin’s First-Time Homebuyer’s Guide.

    Methodology

    Redfin divides all U.S. properties into five buckets based on Redfin Estimates of homes’ market values. There are three equal-sized tiers, as well as tiers for the bottom 5% and top 5% of the market. Redfin defines “starter homes” as homes whose sale price fell into the 5th-35th percentile of the Redfin Estimate tier. 

    We calculated the annual income needed to afford a starter home by assuming a buyer spends no more than 30% of their income on housing payments. Housing payments are calculated assuming the buyer made a 3.5% down payment and also take a month’s median sale price and average mortgage-interest rate into account. 

    The national income data is adjusted for inflation using the Consumer Price Index. 2024 income is estimated based on projections from the U.S. Census Bureau’s (ACS) 2022 median household income using the 12-month moving average nominal wage growth rate. The rate was compiled from the Current Population Survey and reported by the Federal Reserve Bank of Atlanta.

    We assume housing payments include the mortgage principal, interest, property taxes, homeowners insurance, and mortgage insurance (when applicable).

    All data sourced February 2024 unless otherwise stated.

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    Jamie Forbes

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  • Buying Your First Home in Jacksonville, FL? Here’s How Much Money You Need to Make

    Buying Your First Home in Jacksonville, FL? Here’s How Much Money You Need to Make

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    It’s less than Miami, Orlando, and Tampa.

    Jacksonville, FL, is known for its 80,000 acres of parks, miles of beaches, and delicious cuisine. In addition to being a coastal respite, Jacksonville is also home to a fairly competitive real estate market that’s seen moderate growth in recent years. 

    For many, buying a home in Jacksonville is a dream come true, but it’s also important to know how it will impact your finances. From down payments to monthly mortgage payments, there’s a lot to understand before buying your first home 

    So whether you already live in Florida’s capital or are looking to relocate to the area, here’s a breakdown of the income you’ll need to purchase your first home in Jacksonville.

    Check out our original report for a detailed nationwide analysis.

    How much income do you need to buy a starter home in Jacksonville?

    The median sale price of a starter home in Jacksonville is $239,500. In order to afford this, first-time homebuyers in Jacksonville should make $77,040 per year, up 9.9% from 2023. Also, the median income in Jacksonville is $83,778, meaning the typical resident can afford a starter home.

    As expected, starter homes in Jacksonville are more affordable than the average home (all price brackets combined; see methodology for details). In order to afford any median-priced home in the area, you’ll need to make $99,549 (as of October 2023). 

    Nationwide, you need an income of $75,849 to afford a typical starter home, which costs an average of $240,000. The average U.S. household earns an estimated $84,072.

    First-time homebuyers’ guide to the Jacksonville housing market

    Jacksonville’s housing market has experienced steady growth following the pandemic. While not as popular of a migration destination as neighbors Miami and Tampa, the area has still seen an inflow of homebuyers from around the country. The city’s population rose by 5% from 2019 to 2021 and is nearing the 1 million mark.

    This growth has lifted house prices by 29% over the last three years, from $225,000 in January 2021 to $315,000 today. 

    However, condos in the area have actually dropped in price recently as they recover from a surge in popularity that priced out many buyers. Rising insurance and HOA costs resulting from extreme climate risks also pushed prices down. 

    If you’re looking to move to the Florida capital, the area is home to many amenities and attractions throughout its neighborhoods, like the Jacksonville Zoo and Gardens, Riverside Arts Market, and Kathryn Abbey Hanna Park. Some popular neighborhoods in Jacksonville include Arlington, Baymeadows, and Mandarin.

    What does a typical down payment look like for a starter home in Jacksonville?

    Here are some common down payment amounts for a typical $239,500 starter home in Jacksonville:

    Down payment percentage Down payment amount
    3% down payment $7,185
    3.5% down payment $8,383
    5% down payment $11,975
    10% down payment $23,950
    15% down payment $35,925
    20% down payment $47,900

    Down payments can range from 0% to 100% of the total house price, depending on your budget, loan type, and long-term priorities. While experts have historically recommended budgeting for a 20% down payment, the increasing cost of homes and continued sluggish wage increases has led to a 15% down payment becoming more common. 

    Some loan types allow for lower down payment amounts. For example, a Federal Housing Administration (FHA) loan requires just 3.5% down, while the lowest possible down payment for a conventional loan is 3%. These amounts typically depend on your credit scores, so buyers with higher credit scores may qualify for lower down payments.

    House in Key West Florida

    What is the typical mortgage payment for a starter home in Jacksonville?

    The typical monthly mortgage payment for a starter home in Jacksonville is $1,926. This assumes you put 3.5% down and have around a 7% interest rate.

    If this payment sounds too high, you could consider renting an apartment in Jacksonville. The average rent price is $1,683, possibly making it a better option while you save for a down payment on a house. You can also use an affordability calculator to see what you can afford based on your income and down payment.

    What should you do next?

    If you’re in the market for your first home in Jacksonville, it’s important to understand how much house you can afford. Take your annual income, credit score, the current mortgage rates, and local market trends to make a decision that works best for you.

    From there, a Jacksonville agent can help you navigate the entire home buying process and provide valuable local expertise. To learn more about how to buy a home, check out Redfin’s First-Time Homebuyer’s Guide.

    Methodology

    Redfin divides all U.S. properties into five buckets based on Redfin Estimates of homes’ market values. There are three equal-sized tiers, as well as tiers for the bottom 5% and top 5% of the market. Redfin defines “starter homes” as homes whose sale price fell into the 5th-35th percentile of the Redfin Estimate tier. 

    We calculated the annual income needed to afford a starter home by assuming a buyer spends no more than 30% of their income on housing payments. Housing payments are calculated assuming the buyer made a 3.5% down payment and also take a month’s median sale price and average mortgage-interest rate into account. 

    The national income data is adjusted for inflation using the Consumer Price Index. 2024 income is estimated based on projections from the U.S. Census Bureau’s (ACS) 2022 median household income using the 12-month moving average nominal wage growth rate. The rate was compiled from the Current Population Survey and reported by the Federal Reserve Bank of Atlanta.

    We assume housing payments include the mortgage principal, interest, property taxes, homeowners insurance, and mortgage insurance (when applicable).

    All data sourced February 2024 unless otherwise stated.

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    Rush Lockhart | Redfin Real Estate Agent

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  • Buying Your First Home in Austin, TX? Here’s How Much Money You Need to Make

    Buying Your First Home in Austin, TX? Here’s How Much Money You Need to Make

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    Even in a softer local market, you still need to make well above $100,000.

    Austin, TX, is a city rich in culture, events, outdoor recreation, and incredible cuisine. In addition to being a popular place to live, Austin is also home to a fairly competitive real estate market that’s seen significant change in recent years.

    For many, buying a home in Austin is a dream come true, but it’s also important to know how it will impact your finances. From down payments to monthly mortgage payments, there’s a lot to understand before buying your first home 

    So whether you already live in ATX or are looking to relocate to the area, here’s a breakdown of the income you’ll need to purchase your first home in Austin.

    Check out our original report for a detailed nationwide analysis.

    How much income do you need to buy a starter home in Austin?

    The median sale price of a starter home in Austin is $330,000. In order to afford this, first-time homebuyers in Austin should make $118,201 per year, up 0.7% from 2023. However, the median income in Austin is $104,076, meaning the typical resident often can’t afford a starter home.

    As expected, starter homes in Austin are more affordable than the average home (all price brackets combined; see methodology for details). In order to afford any median-priced home in the area, you’ll need to make $126,208 (as of October 2023). 

    Nationwide, you need an income of $75,849 to afford a typical starter home, which costs an average of $240,000. The average U.S. household earns an estimated $84,072.

    First-time homebuyers’ guide to the Austin housing market

    Austin’s housing market has gone through ups and downs in the past four years, with rapid growth followed by sharp declines. 

    At the beginning of the pandemic, the city was one of the most popular migration destinations for coastal homebuyers searching for sunshine and affordability. In fact, the city was the outright most popular metro for relocating homebuyers at the end of 2020, which continued into 2021. This remarkable popularity boosted house prices by over $200,000 from January 2021 to May 2022. 

    However, this rapid rise priced some people out of the market and caused house prices to fall. People also stopped looking to move into the city, and by the end of 2023, Austin lost homebuyers for the first time on record. 

    As of April 2024, house prices are sitting at $550,000, a 17.8% drop from their May 2022 peak. The Austin-San Antonio metropolitan area is still expected to grow to 8.3 million people by 2050.

    The capital of Texas is home to many amenities and attractions throughout its neighborhoods, like the Bullock Texas State History Museum, Barton Springs Pool, and Castle Hill. Some popular neighborhoods in Austin include Crestview, Allandale, and South Congress.

    What does a typical down payment look like for a starter home in Austin?

    Here are some common down payment amounts for a typical $330,000 starter home in Austin:

    Down payment percentage Down payment amount
    3% down payment $9,900
    3.5% down payment $11,550
    5% down payment $16,500
    10% down payment $33,000
    15% down payment $49,500
    20% down payment $66,000

    Down payments can range from 0% to 100% of the total house price, depending on your budget, loan type, and long-term priorities. While experts have historically recommended budgeting for a 20% down payment, the increasing cost of homes and continued sluggish wage increases has led to a 15% down payment becoming more common. 

    Some loan types allow for lower down payment amounts. For example, a Federal Housing Administration (FHA) loan requires just 3.5% down, while the lowest possible down payment for a conventional loan is 3%. These amounts typically depend on your credit scores, so buyers with higher credit scores may qualify for lower down payments.

    Houston, Texas house with white fence

    What is the typical mortgage payment for a starter home in Austin?

    The typical monthly mortgage payment for a starter home in Austin is $2,955. This assumes you put 3.5% down and have around a 7% interest rate.

    If this payment sounds too high, you could consider renting an apartment in Austin. The average rent price is $2,216, possibly making it a better option while you save for a down payment on a house. You can also use an affordability calculator to see what you can afford based on your income and down payment.

    What should you do next?

    If you’re in the market for your first home in Austin, it’s important to understand how much house you can afford. Take your annual income, credit score, the current mortgage rates, and local market trends to make a decision that works best for you.

    From there, an Austin agent can help you navigate the entire home buying process and provide valuable local expertise. To learn more about how to buy a home, check out Redfin’s First-Time Homebuyer’s Guide.

    Methodology

    Redfin divides all U.S. properties into five buckets based on Redfin Estimates of homes’ market values. There are three equal-sized tiers, as well as tiers for the bottom 5% and top 5% of the market. Redfin defines “starter homes” as homes whose sale price fell into the 5th-35th percentile of the Redfin Estimate tier. 

    We calculated the annual income needed to afford a starter home by assuming a buyer spends no more than 30% of their income on housing payments. Housing payments are calculated assuming the buyer made a 3.5% down payment and also take a month’s median sale price and average mortgage-interest rate into account. 

    The national income data is adjusted for inflation using the Consumer Price Index. 2024 income is estimated based on projections from the U.S. Census Bureau’s (ACS) 2022 median household income using the 12-month moving average nominal wage growth rate. The rate was compiled from the Current Population Survey and reported by the Federal Reserve Bank of Atlanta.

    We assume housing payments include the mortgage principal, interest, property taxes, homeowners insurance, and mortgage insurance (when applicable).

    All data sourced February 2024 unless otherwise stated.

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    Kaye Rich | Redfin Real Estate Agent

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  • Buying Your First Home in Las Vegas, NV? Here’s How Much Money You Need to Make

    Buying Your First Home in Las Vegas, NV? Here’s How Much Money You Need to Make

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    You need close to a six-figure income to buy a starter home.

    Las Vegas, NV, is renowned for its entertainment, amenities, attractions, and gorgeous weather. However, Las Vegas isn’t just the entertainment capital of the United States; it’s also home to a booming real estate market that’s seen significant growth in recent years. 

    For many, buying a home in Las Vegas is a dream come true, but it’s also important to know how it will impact your finances. From down payments to monthly mortgage payments, there’s a lot to understand before buying your first home 

    So whether you already live in Sin City or are looking to relocate to the area, here’s a breakdown of the income you’ll need to purchase your first home in Las Vegas.

    Check out our original report for a detailed nationwide analysis.

    How much income do you need to buy a starter home in Las Vegas?

    The median sale price of a starter home in Las Vegas is $299,100. In order to afford this, first-time homebuyers in Las Vegas should make $92,011 per year, up 6.2% from 2023. However, the median income in Las Vegas is $78,212, meaning the typical resident often can’t afford a starter home.

    As expected, starter homes in Las Vegas are much more affordable than the average home (all price brackets combined; see methodology for details). In order to afford any median-priced home in the area, you’ll need to make $113,186 (as of October 2023). 

    Nationwide, you need an income of $75,849 to afford a typical starter home, which costs an average of $240,000. The average U.S. household earns an estimated $84,072.

    First-time homebuyers’ guide to the Las Vegas housing market

    Phoenix was an especially popular migration destination during the pandemic housing crunch, as homebuyers searched for sunshine and affordability. This trend continued after the pandemic – Las Vegas was the second-most popular metro for relocating homebuyers to end 2023. This influx has boosted house prices by 26% since January 2021, from $313,000 to $425,000 in April 2024. House prices have more than doubled in the past decade.

    Climate risks are a major concern in Las Vegas, though. The city is in the midst of a decades-long megadrought plaguing the Southwestern U.S., and recently experienced a record-breaking summer for heat. The average temperature was 97.3° F in July, with 10 straight days at or above 110° F. Experts predict that these trends will continue as climate change worsens.

    The desert oasis is home to world-renowned amenities and attractions throughout its many neighborhoods, like the Las Vegas Strip, Fremont Street Experience, Stratosphere Tower, and Fountains of Bellagio. Further out, the Red Rock Canyon is beloved for its recreation and scenic views. 

    Some popular neighborhoods in Las Vegas include Angel Park, Centennial Hills, and Charleston Heights. 

    What does a typical down payment look like for a starter home in Las Vegas?

    Here are some common down payment amounts for a typical $299,100 starter home in Las Vegas:

    Down payment percentage Down payment amount
    3% down payment $8,973
    3.5% down payment $10,469
    5% down payment $14,955
    10% down payment $29,910
    15% down payment $44,865
    20% down payment $59,820

    Down payments can range from 0% to 100% of the total house price, depending on your budget, loan type, and long-term priorities. While experts have historically recommended budgeting for a 20% down payment, the increasing cost of homes and continued sluggish wage increases has led to a 15% down payment becoming more common. 

    Some loan types allow for lower down payment amounts. For example, a Federal Housing Administration (FHA) loan requires just 3.5% down, while the lowest possible down payment for a conventional loan is 3%. These amounts typically depend on your credit scores, so buyers with higher credit scores may qualify for lower down payments.

    ranch home with rust colored roof_Getty

    What is the typical mortgage payment for a starter home in Las Vegas?

    The typical monthly mortgage payment for a starter home in Las Vegas is $2,300. This assumes you put 3.5% down and have around a 7% interest rate.

    If this payment sounds too high, you could consider renting an apartment in Las Vegas. The average rent price is $1,931, possibly making it a better option while you save for a down payment on a house. You can also use an affordability calculator to see what you can afford based on your income and down payment.

    What should you do next?

    If you’re in the market for your first home in Las Vegas, it’s important to understand how much house you can afford. Take your annual income, credit score, the current mortgage rates, and local market trends to make a decision that works best for you.

    From there, a Las Vegas agent can help you navigate the entire home buying process and provide valuable local expertise. To learn more about how to buy a home, check out Redfin’s First-Time Homebuyer’s Guide.

    Methodology

    Redfin divides all U.S. properties into five buckets based on Redfin Estimates of homes’ market values. There are three equal-sized tiers, as well as tiers for the bottom 5% and top 5% of the market. Redfin defines “starter homes” as homes whose sale price fell into the 5th-35th percentile of the Redfin Estimate tier. 

    We calculated the annual income needed to afford a starter home by assuming a buyer spends no more than 30% of their income on housing payments. Housing payments are calculated assuming the buyer made a 3.5% down payment and also take a month’s median sale price and average mortgage-interest rate into account. 

    The national income data is adjusted for inflation using the Consumer Price Index. 2024 income is estimated based on projections from the U.S. Census Bureau’s (ACS) 2022 median household income using the 12-month moving average nominal wage growth rate. The rate was compiled from the Current Population Survey and reported by the Federal Reserve Bank of Atlanta.

    We assume housing payments include the mortgage principal, interest, property taxes, homeowners insurance, and mortgage insurance (when applicable).

    All data sourced February 2024 unless otherwise stated.

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    Jorge Guzman | Redfin Real Estate Agent

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  • Buying Your First Home in Phoenix, AZ? Here’s How Much Money You Need to Make

    Buying Your First Home in Phoenix, AZ? Here’s How Much Money You Need to Make

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    You now need a six-figure salary to afford a starter home in Phoenix.

    Phoenix, AZ, is a sunny, outdoorsy city home to renowned sports franchises, spectacular vistas, and plenty of golf courses. However, Phoenix isn’t just the heart of The Valley of the Sun; it’s also home to a booming real estate market that’s seen significant growth in recent years. 

    For many, buying a home in Phoenix is a dream come true, but it’s also important to know how it will impact your finances. From down payments to monthly mortgage payments, there’s a lot to understand before buying your first home 

    So whether you already live in The Valley of the Sun or are looking to relocate to the area, here’s a breakdown of the income you’ll need to purchase your first home in Phoenix.

    Check out our original report for a detailed nationwide analysis.

    How much income do you need to buy a starter home in Phoenix?

    The median sale price of a starter home in Phoenix is $330,000. In order to afford this, first-time homebuyers in Phoenix should make $101,321 per year, up 6.6% from 2023. However, the median income in Phoenix is $89,521, meaning the typical resident often can’t afford a starter home.

    As expected, starter homes in Phoenix are much more affordable than the average home (all price brackets combined). In order to afford any median-priced home in the area, you’ll need to make $121,368 (as of October 2023). 

    Nationwide, you need an income of $75,849 to afford a typical starter home, which costs an average of $240,000. The average U.S. household earns an estimated $84,072.

    First-time homebuyers’ guide to the Phoenix housing market

    Phoenix has been a popular migration destination for years among homebuyers looking for sunshine and affordability. But during the pandemic, the region saw an explosion of growth and popularity, which has hardly slowed down. In fact, the city has consistently been the top destination for relocating home buyers. This influx has boosted house prices by 29% since January 2021, from $325,000 to $459,000 in April 2024. House prices have nearly tripled in the past decade.

    Climate risks are a major concern for residents in Phoenix, though. The city is in the midst of a decades-long megadrought plaguing the Southwestern U.S., and recently hit 110° F for 31 days in a row. 2023 was also the city’s hottest and driest on record.These trends are expected to continue as climate change worsens.

    The desert city is home to many world-class amenities located throughout its spread-out neighborhoods. Some popular neighborhoods in Phoenix include Central City, Maryvale, and Ahwatukee Foothills. From the Phoenix Zoo and Heard Museum to South Mountain and Camelback Mountain, there are plenty of reasons to call Phoenix home.

    What does a typical down payment look like for a starter home in Phoenix?

    Here are some common down payment amounts for a typical $330,000 starter home in Phoenix:

    Down payment percentage Down payment amount
    3% down payment $9,900
    3.5% down payment $11,550
    5% down payment $16,500
    10% down payment $33,000
    15% down payment $49,500
    20% down payment $66,000

    Down payments can range from 0% to 100% of the total house price, depending on your budget, loan type, and long-term priorities. While experts have historically recommended budgeting for a 20% down payment, the increasing cost of homes and continued sluggish wage increases has led to a 15% down payment becoming more common. 

    Some loan types allow for lower down payment amounts. For example, a Federal Housing Administration (FHA) loan requires just 3.5% down, while the lowest possible down payment for a conventional loan is 3%. These amounts typically depend on your credit scores, so buyers with higher credit scores may qualify for lower down payments.

    What is the typical mortgage payment for a starter home in Phoenix?

    The typical monthly mortgage payment for a starter home in Phoenix is $2,533. This assumes you put 3.5% down and have around a 7% interest rate.

    If this payment sounds too high, you could consider renting an apartment in Phoenix. The average rent price is $1,962, possibly making it a better option while you save for a down payment on a house. You can also use an affordability calculator to see what you can afford based on your income and down payment.

    What should you do next?

    If you’re in the market for your first home in Phoenix, it’s important to understand how much house you can afford. Take your annual income, credit score, the current mortgage rates, and local market trends to make a decision that works best for you.

    From there, a Phoenix agent can help you navigate the entire home buying process and provide valuable local expertise. To learn more about how to buy a home, check out Redfin’s First-Time Homebuyer’s Guide.

    Methodology

    Redfin divides all U.S. properties into five buckets based on Redfin Estimates of homes’ market values. There are three equal-sized tiers, as well as tiers for the bottom 5% and top 5% of the market. Redfin defines “starter homes” as homes whose sale price fell into the 5th-35th percentile of the Redfin Estimate tier. 

    We calculated the annual income needed to afford a starter home by assuming a buyer spends no more than 30% of their income on housing payments. Housing payments are calculated assuming the buyer made a 3.5% down payment and also take a month’s median sale price and average mortgage-interest rate into account. 

    The national income data is adjusted for inflation using the Consumer Price Index. 2024 income is estimated based on projections from the U.S. Census Bureau’s (ACS) 2022 median household income using the 12-month moving average nominal wage growth rate. The rate was compiled from the Current Population Survey and reported by the Federal Reserve Bank of Atlanta.

    We assume housing payments include the mortgage principal, interest, property taxes, homeowners insurance, and mortgage insurance (when applicable).

    All data sourced February 2024 unless otherwise stated.

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    Patrick Russey | Redfin Real Estate Agent

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  • Buying Your First Home in Nashville, TN? Here’s How Much Money You Need to Make

    Buying Your First Home in Nashville, TN? Here’s How Much Money You Need to Make

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    While you don’t quite need a six-figure salary, it comes close.

    Nashville, TN, is not just the Music City; it’s also home to a thriving real estate market that’s seen significant growth in recent years. For many, buying a home in Nashville is a dream come true, but it’s also important to know how it will impact your finances. From down payments to monthly mortgage payments, there’s a lot to understand before buying your first home 

    So whether you already live in Music City or are looking to relocate to the area, here’s a breakdown of the income you’ll need to purchase your first home in Nashville.

    Check out our original report for a detailed nationwide analysis.

    How much income do you need to buy a starter home in Nashville?

    The median sale price of a starter home in Nashville is $315,000. In order to afford this, first-time homebuyers in Nashville should make $98,314 per year, up 7% from 2023. However, the median income in Nashville is $91,252, meaning the typical resident often can’t afford a starter home. 

    As expected, starter homes in Nashville are much more affordable than the average home (all price brackets combined; see methodology for details). In order to afford any median-priced home in the area, you’ll need to make $124,095 (as of October 2023).

    Nationwide, you need an income of $75,849 to afford a typical starter home, which costs an average of $240,000. The average U.S. household earns an estimated $84,072.

    First-time homebuyers’ guide to the Nashville housing market

    Nashville has seen tremendous growth recently – especially since the pandemic – as people have been looking for sunshine and affordability. In fact, the city has been among the most popular migration destinations since 2021. This influx has boosted house prices by nearly 30% since January 2021, from $335,000 to $475,000 in April 2024.

    The city is home to many world-class amenities located throughout its diverse neighborhoods. Some popular neighborhoods in Nashville include East Nashville, Germantown, and Midtown. From the Parthenon and the Grand Ole Opry to Music Row and the Ryman Auditorium, there are so many great reasons to call Nashville home.

    What does a typical down payment look like for a starter home in Nashville?

    Here are some common down payment amounts for a typical $315,000 starter home in Nashville:

    Down payment percentage Down payment amount
    3% down payment $9,450
    3.5% down payment $11,025
    5% down payment $15,750
    10% down payment $31,500
    15% down payment $47,250
    20% down payment $63,000

    Down payments can range from 0% to 100% of the total house price, depending on your budget, loan type, and long-term priorities. While experts have historically recommended budgeting for a 20% down payment, the increasing cost of homes and continued sluggish wage increases has led to a 15% down payment becoming more common. 

    Some loan types allow for lower down payment amounts. For example, a Federal Housing Administration (FHA) loan requires just 3.5% down, while the lowest possible down payment for a conventional loan is 3%. These amounts typically depend on your credit scores, so buyers with higher credit scores may qualify for lower down payments.

    What is the typical mortgage payment for a starter home in Nashville?

    The typical monthly mortgage payment for a starter home in Nashville is $2,458. This assumes you put 3.5% down and have around a 7% interest rate.

    If this payment sounds too high, you could consider renting an apartment in Nashville. The average rent price is $1,923, possibly making it a better option while you save for a down payment on a house. You can also use an affordability calculator to see what you can afford based on your income and down payment.

    What should you do next?

    If you’re in the market for your first home in Nashville, it’s important to understand how much house you can afford. Take your annual income, credit score, the current mortgage rates, and local market trends to make a decision that works best for you.

    From there, a Nashville agent can help you navigate the entire home buying process and provide valuable local expertise. To learn more about how to buy a home, check out Redfin’s First-Time Homebuyer’s Guide.

    Methodology

    Redfin defines “starter homes” as homes whose sale price fell into the 5th-35th percentile of the Redfin Estimate tier. For context, Redfin divides all U.S. properties into five buckets based on Redfin Estimates of homes’ market values. There are three equal-sized tiers, as well as tiers for the bottom 5% and top 5% of the market.

    We calculated the annual income needed to afford a starter home by assuming a buyer spends no more than 30% of their income on housing payments. Housing payments are calculated assuming the buyer made a 3.5% down payment and also take a month’s median sale price and average mortgage-interest rate into account. 

    The national income data is adjusted for inflation using the Consumer Price Index. 2024 income is estimated based on projections from the U.S. Census Bureau’s (ACS) 2022 median household income using the 12-month moving average nominal wage growth rate. The rate was compiled from the Current Population Survey and reported by the Federal Reserve Bank of Atlanta.

    We assume housing payments include the mortgage principal, interest, property taxes, homeowners insurance, and mortgage insurance (when applicable).

    All data sourced February 2024 unless otherwise stated.

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    Josh Pena | Redfin Real Estate Agent

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  • 10 Essentials for Your New Home, from Top Redfin Agents

    10 Essentials for Your New Home, from Top Redfin Agents

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    Congratulations on closing on your new home. Whether you just bought a condo in Miami, FL or a single family home in Seattle, it’s natural for it to take some time for your new space to truly feel like home. To help ease the transition, we reached out to some of our seasoned Redfin agents for their top recommendations on must-have items for new homeowners. From practical tools to personal touches, here are the essentials they swear by. 

    1. Quality tool set

    A well-equipped tool set is necessary for handling any minor repairs or DIY projects that may arise. From assembling furniture to fixing a leaky faucet, having the right tools on hand can save you time and money in the long run.

    2. First aid kit

    Safety first. A fully stocked first aid kit is a crucial item for any household. Be prepared for minor accidents or injuries with bandages, antiseptic wipes, and other essentials.

    3. Cleaning supplies

    Keep your new home clean with essential cleaning tools such as a vacuum, broom, dustpan, mop, and a surface cleaner. Sometimes sellers won’t clean the home before you move in, so having supplies on hand will save you time. Plus, a tidy living space not only looks great but also contributes to a healthier home.

    4. Clothing hangers and storage bins

    Stay organized in your new home by stocking up on clothing hangers and storage bins. These tools are great for maintaining order throughout your home, whether you are organizing seasonal clothing or keeping miscellaneous items neatly tucked away.

    Closet with clothes hangers, an home essential for new homeowners.

    5. Window treatments

    Upon moving in, installing window treatments like curtains or blinds is key for privacy, particularly in closely spaced neighborhoods. These also help control natural light, making your new space more comfortable. It’s also wise to consider window orientation and local climate to optimize light exposure and indoor temperature for immediate comfort in your new home.

    6. Flashlight and batteries

    Don’t get caught in the dark during a power outage or while navigating a dimly lit basement. A reliable flashlight, along with spare batteries, ensures that you’ll always have light when you need it most.

    7. Fire safety gear

    Be prepared for emergencies with essential fire safety equipment such as smoke detectors, fire extinguishers, and carbon monoxide alarms. The safety of your loved ones is paramount, so ensure these devices are installed and maintained properly.

    8. Kitchen staples

    Cookware such as pots, pans, plates, and cutlery are must-haves for your new kitchen. Be sure to stock up on basics like spices, baking supplies, condiments, and dry goods as well. Starting fresh in your new kitchen allows you to create delicious meals and make cherished memories. 

    Updated kitchen

    9. Houseplants

    Bring a touch of nature indoors with houseplants that help purify the air and add beauty to your home. Choose plants that suit your lifestyle and lighting conditions, and enjoy the benefits of a greener living space.

    10. Home comfort and decor

    When settling into a new home, creating a space that feels comfortable and reflects your personal style is essential. This process often involves selecting furniture and decor that serve functional purposes and make the space truly yours. Comfortable seating, cozy bedding, and personal touches like photographs or art can transform a house into a home. Redfin agents advise that you start with the rooms you’ll use most. This approach ensures your living spaces are not only stylish, but also inviting and functional from day one.

    Entryway for a home

    As you embark on this exciting chapter in your life, remember that it’s the little things that can make a big difference in turning your house into a home. By investing in these items, you’ll be well-equipped to create a space that you and your loved ones will enjoy for years to come. Happy homemaking.

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    Julia Weaver

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