NEW YORK CITY - The average income that Americans must make in order to afford a home has seen a sharp increase to at least $76,000, CBS News reported on Friday. However, the numbers come as an all-time high of Latinos are reported as homeowners.
Redfin defines a home as affordable if a buyer spends no more than 30% of their income on housing, assuming a 3.5% down payment. Despite the $76,000 figure it reports, the typical full-time worker in the U.S. earns roughly $1,145 per week, or roughly $66,000, according to government labor data.
