Earning $100,000 a year used to sound like a comfortable income, especially for someone hoping to purchase their first home. But in today’s housing market, even Americans bringing home six-figure salaries are discovering that qualifying for a mortgage and comfortably affording one are two very different things. Between elevated mortgage rates, expensive homes, property taxes, and insurance premiums, buyers who once considered themselves financially secure are finding their purchasing power stretched thin.
According to Freddie Mac, the average 30-year fixed mortgage rate reached 7.40% on October 15, 2026, compared with 6.27% one year earlier. Meanwhile, a 2026 CNBC and SurveyMonkey survey found that 73% of Americans believe buying a home has become more difficult over the past five years. So, what’s really happening to cause this economic shift?
