Starter Homes Nearly Twice as Expensive for First-Time Buyers Compared to Pre-Pandemic

First-time homebuyers now need to earn $75,849 annually to afford a starter home, nearly double the $40,465 needed pre-pandemic
Monthly payments for starter homes jumped over 8% in the past year to $1,896 per month currently
Incomes are rising but not keeping pace - up 5.5% in the past year compared to 8.2% increase in starter home costs
The median income is still 11% higher than needed to buy a starter home, but that gap has shrunk from 14% a year ago and 63% pre-pandemic
Today's affordable homes require more work and are still difficult for the average first-time buyer to afford due to higher prices and borrowing costs