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Soaring home prices have put homeownership out of reach for many Americans who lack sufficient income to afford the typical home. Data from the National Association of Realtors, as reported by real estate brokerage Clever, show that across the nation, most first-time buyers put down less than 10% on their home purchase. With 10% down, first-time buyers need to earn $119,769 in order to comfortably afford the median-priced home ($332,494), and that works out to be about $45,000 more than the typical U.S. household's annual income of $74,755. 

Homebuyers with a 20% down payment don't fare all that much better: Data show that median-income earners can afford a median-priced home in just four states (West Virginia, Ohio, Iowa, and Indiana), and six of the 50 largest metros, of which Pittsburgh is the most affordable and Los Angeles is the least.

First-time home buyers face an added disadvantage in the housing market — being less able to afford a down payment. The typical first-time buyer makes a down payment of 8% of the home's price, compared to 19% for repeat buyers, according to data from the NAR. 

To comfortably afford the median-priced home in the U.S. ($332,494) with a 10% down payment, a household needs to earn $119,769 annually. That's based on the current interest rate of 7.22% over a 30-year mortgage. 

If that income was lower, the monthly mortgage payment ($2,795) would exceed 28% of the household's income. 

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