💰 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.

NJ and PA metro home areas with price spikes (Google Maps, Canva, Townsquare Media)
(Google Maps, Canva, Townsquare Media)

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.

LOOK: This is where homes are selling the fastest right now

Stacker compiled a list of the metros where houses are selling the fastest, according to data from Redfin.

Gallery Credit: Stacker Staff

LOOK: Cities with the most expensive homes in New Jersey

Stacker compiled a list of cities with the most expensive homes in New Jersey using data from Zillow.

Gallery Credit: Stacker

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