Income needed to buy a home drops for first time since 2020: report

(The Hill) -- The annual income buyers need to afford a house fell for the first time since 2020, driven by the first annual decline in mortgage rates in three years.Homebuyers need to earn $115,454 per year to afford a typical home, down 1.4 percent from a year ago, according to a new report by the real estate company Redfin.That’s the first year-over-year decline since June 2020, when mortgage rates fell to a new record low after the Federal Reserve slashed interest rates to near-zero as