Becoming a homeowner is still a big part of the American dream for many people living in the United States. And while getting the best interest rate possible on your mortgage is dependent on factors such as having an excellent credit score, your income also plays a meaningful role in your ability to qualify for a home loan.
The median home sales price in the United States was $426,900 in June 2024, which was a 4.1% increase from June 2023 according to the National Association of Realtors®. So, it’s safe to say that many would-be-homebuyers may be looking for a house in the $400,000 range.
