Home affordability plummets: 6-figure salaries now required in over 20 states

Buying a home now requires a 6-figure income in 22 states, up from just 6 states in 2020, making affordability the biggest issue.

The states with the highest salaries needed to afford a median-priced home are California, Hawaii, Washington D.C., Massachusetts, and Washington, ranging from $156,814 to $197,057.

Mortgage rates have skyrocketed to 6.79% on average, nearly double what they were in 2020, making monthly payments much higher.

Montana saw the biggest increase (77.7%) in the income needed to buy a home since 2020, followed by Utah and Tennessee at over 70%.

It now costs 60.1% less on average to rent rather than buy a home in the top 50 metro areas, amounting to $1,027 less in monthly costs.