This is how much you need to make to afford a Phoenix home, study says

Homebuying affordability has remained at a record high since last year, with home prices and incomes increasing at similar rates nationally.

Although everything feels increasingly expensive these days, Redfin reports that homebuying affordability has generally remained at the same rate as this time last year, with American households needing to make a record high of $110,00 in order to afford a median-priced home.

Although the gap between the average salary and the salary needed to afford a median-priced home has slightly shrunk, the average American household income is still $22,197 lower. Two years ago, this gap was $28,834, according to Redfin.

So although housing prices are increasing, so is the typical American wage.

Redfin considers a home

to be affordable if the buyer is spending no more than 30% of their monthly check on a monthly mortgage payment, assuming a 15% down payment. According to this data, a typical household would need to spend 38% of their monthly income on a mortgage to afford a median-priced home in the U.S.

Here's what the study said about homebuying in Phoenix.

How much do you need to make to buy a house in Phoenix?

According to Redfin, the necessary household income to afford a median-priced home in metro Phoenix is $118,462.

Redfin estimates those making $118,462 a year would still have to use 37% of their monthly income on a mortgage for a median-priced home in metro Phoenix. Although this is above 30%, which is what Redfin uses to consider a home affordable, the estimated income to afford a home in metro Phoenix is 2% less than last year.

According to Redfin, 26% of houses currently on the market in metro Phoenix would be affordable with a $118,462 yearly income, giving Arizonans some options on the market.

This article originally appeared on Arizona Republic: This is how much you need to make to afford a Phoenix home, study says