Report says homebuyers need to earn $47,000 more than in 2020

The video discusses the challenges faced by first-time home buyers like Rachel Bingham in the current housing market. It highlights the rise in mortgage rates and home values since 2020, making it difficult for buyers despite stable incomes. Strategies such as receiving family assistance for down payments and negotiating with sellers are suggested. The video also explores regional differences in housing affordability and advises on the potential benefits of buying now despite high rates, as future market conditions may lead to increased competition.

What is one of the main reasons Rachel Bingham is limited to buying a townhome or condo?

• Her income and the inflated economy

• The location she wants to live in

• Her lack of interest in larger homes

• Her preference for smaller homes

How much has the monthly mortgage on a typical home increased since January 2020?

• It has decreased by half

• It has remained the same

• It has nearly doubled

• It has tripled

What percentage of first-time home buyers receive part of their down payment as a gift or loan?

• 75%

• 25%

• 50%

• 100%

Which cities require less than a six-figure income to comfortably afford a home?

• Miami, Orlando, and Tampa

• Pittsburgh, Cleveland, and Memphis

• San Jose, San Francisco, and San Diego

• New York, Los Angeles, and Chicago

What is the advice given by realtors regarding buying a home now?

• Wait for mortgage rates to drop

• Buy now to avoid future bidding wars

• Only buy if you have a 20% down payment

• Rent until the market stabilizes