Starter Homes Outpace First-Buyer Budgets

A typical US starter home carried a ~$2.2K monthly mortgage payment, requiring at least ~$103.6K income once rates and down payment were factored in.
That required income sat well above the median first-time buyer income of ~$72.1K, highlighting an affordability gap for households trying to enter US Real Estate.
A trade group defines starter homes at 85% of median value, yet first-time buyers can afford homes priced at only ~60% of median sale price.
High rents have made saving harder, rates were near ~7%, and typical owners of starter homes were 59, limiting turnover into entry-level inventory.
Consumer sentiment matched the numbers: 9 in 10 young adults said buying felt harder than for parents, and ~80% of US metros scored below 100.