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Des Moines residents need to make more money to buy a home – Axios

future-dyanmics

Des Moines
Axios Des Moines is an Axios company.
Des Moines locals have to earn 30% more than a year ago to afford the region’s median-value home, per the latest analysis by real estate company Redfin.
The big picture: The income needed to afford a home has soared as limited inventory and strong demand drove up sale prices, and surging mortgage rates have made home loans more expensive.
Why it matters: Wages and salaries are not increasing at that pace, further constricting entry into the housing market for many people.
By the numbers: In March 2021, you had to earn at least $38,036 to afford the median home for sale in the Des Moines metro area, Redfin found.
Of note: A monthly mortgage payment is considered affordable if the homebuyer spends no more than 30% of their income on housing.
Meanwhile, wages grew 5% nationwide over the same period, according to the Bureau of Labor and Statistics.
Zoom out: Across the U.S., buyers need 34% more income to afford a home, Redfin found.
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Copyright Axios Media, 2022

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