Real Estate

Millions of Americans are moving to the suburbs. Here’s how much you need to earn to buy a house

As the country went under lockdown, Americans were on the move.

Over the last year, 1 in 20 adults moved from where they were living either permanently or temporarily due to the coronavirus outbreak, according to a recent report by the Pew Research Center.

Most cited financial reasons for relocating, followed by a job loss and wanting to be closer to family. Some said they needed more space or were able to work remotely during the pandemic.

For the most part, Covid has encouraged potential buyers to move from city apartments to suburban homes, driving up home prices nearly across the board.

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The pandemic-induced run on housing has fueled an affordability problem for many would-be buyers, despite mortgage rates near the lowest levels ever. Now, homes in many states require a salary larger than buyers’ current median income.

Here’s a look at just how much money it takes to afford the average home in each state, according to career planning site Nationwide, the median home price is $346,800.

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