Buying a “ starter home ” is often thought of as a major financial rite of passage, but many families will not be able to reach that goal. According to a recent Redfin report, prospective homebuyers need to earn about $80,000 to afford the median-priced starter home — that’s up 4.4% from this time last year and only about $500 less than the all-time high. That means starter homes are just barely affordable for families earning the median U.S. income.
However, a family earning the local median income can’t afford a starter home in half of the 50 most populous metros in the U.S.
Read Next: 3 Best Florida Cities To Buy Property in the Next 5 Years, According To Real Estate Agents
Find Out: How To Get Rich in Real Estate Starting With Just $1,000
See the Florida cities where starter homes are not affordable for households earning a median income and those where they are.
Also see the most affordable city in every state for the middle class .
