Homebuyers’ earning power plays a major role in what they can afford—and depending on the region of the country they live in, the amount they make will factor into how much home they can buy.
The US Bureau of Labor Statistics compiled the average hourly earnings by state—figures that directly influence housing markets nationwide.
“Affordability is supported by salaries, which are driven by demand,” Ben Mizes, real estate agent and co-founder of Clever Offers, tells Realtor.com®. “When average earnings are high, more people can afford to qualify for mortgages, and that increases competition.”…