The median household income for home buyers jumped 22% to a record high of $107,000 in 2023 from $88,000 a year ago, and down payments surged to two-decade highs, according to a new survey from the National Association of Realtors.
The surge in the NAR report reflected the stark reality of the housing market: buying a home has become increasingly difficult as mortgage rates have risen over the past two years and home prices have continued to surge, partly due to low inventory.
