Homebuyers Need to Earn 13 Percent More Than 2022 to Afford Their 1st Home

Low housing inventories across America sees first-time buyers facing stark increases in the price of starter homes.

A for sale sign is posted in front of a home in San Anselmo, Calif., on March 22, 2023. Justin Sullivan/Getty Images

First-time homebuyers are facing some of the highest home prices in years, in the midst of high inflation and mortgage rates, according to a new report.

The strain on household budgets comes in the midst of the ongoing housing shortage, which pushed the cost of starter homes to a record high.