American homeowners need to earn about $50,000 more than the typical renter to be able to afford monthly mortgage payments, according to new data from real estate brokerage Redfin.
“Americans need to earn $116,633 per year to afford the median-priced home for sale, 81.8 percent more than the $64,160 needed to afford the typical apartment for rent,” Redfin said in an April 10 statement.
