Monthly Income Required to Afford a Median-Priced Home

To be considered affordable, housing costs should take no more than 30% of household income. This chart shows how much monthly income a homeowner needs to meet that threshold for a median-priced home.

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We calculate median monthly income using the Census Bureau's 2023 American Community Survey, adjusted for wage inflation using the Bureau of Labor Statistics monthly wage report. Median home price is from the Zillow Home Value Index. Monthly housing cost includes mortgage principal, interest, taxes, and insurance, assuming a down payment of 10%.

Chart: Lars Peterson / Investopedia Source: Investopedia