This is the salary you now need in NJ to afford to buy a house
💰 Average income of homebuyers highest in years
📈 NJ among top 10 metro areas with price spike
🏘 Percent of single homebuyers increased
Along with other high costs this year, buying a home has been no exception, as seen in an annual report from the National Association of Realtors.
A six-figure salary has become the norm for homebuyers across the country as the median household income rose to $107,000, according to the NAR 2023 profile of home buyers and sellers.
That was up from $88,000 in 2022.
NAR deputy chief economist and vice president of research Jessica Lautz said housing affordability had eroded amid higher home prices and mortgage rates over last year.
Two regions in New Jersey and Pennsylvania also landed on a separate, recent ranking of a jump in home prices.
Among the nation's top 10 metro areas with the largest year-over-year price increases were both Newark, NJ-PA (14.3%) and Reading, PA (14.7%).
Nationally, the median single-family existing home price was up to $406,900 — 2.2% above one year ago.
Also up was the monthly mortgage payment on a typical, existing single-family home.
With a 20% down payment, the average mortgage payment was at $2,192 – up 19.2% from 2022.
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Gallery Credit: Stacker Staff
LOOK: Cities with the most expensive homes in New Jersey
Gallery Credit: Stacker
