Americans need about $110,000 annually to afford a typical home, slightly below last year's record high, while median household income is nearly $88,000. Affordability improved in 24 of 46 major metros, with Seattle seeing the largest gain due to falling home prices. Starter home affordability rose slightly but remains strained by high mortgage rates near 7%. California cities still face major affordability issues. Future affordability may be affected by interest rate hikes, oil prices, and inflation.
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