What You Need To Earn To Buy A Home Saint Charles

Median home prices in over 300 U.S. counties — including St. Charles County — are not affordable for average wage earners, according to a new report from ATTOM Data. St. Louis City and St. Louis County, however, managed to buck that trend. Over the past year, median home prices and home affordability remained relatively unchanged in St. Charles County. St. Louis and St. Louis County both became less affordable over the last year, but still ranked as affordable for the average wage earner.

The report, which looked at home affordability for the first quarter of 2018, analyzed 446 counties and found that median home prices were not affordable for average wage earners in 68 percent of the counties examined.

In St. Louis City, the median sales price for a home in the first quarter of 2018 was $128,000, according to ATTOM. In St. Louis County, it was $170,000, while in St. Charles it was well out of the median wage earner's price range at $190,000.

The annual income needed to buy a median-price home in St. Louis City was $34,587. For St. Louis County, it was $46,798. And for St. Charles County, it was $55,357. According to the Bureau of Labor Statistics, the average wage earner in each of those places brings home $57,876, $57,031, and $43,979, respectively.

ATTOM collected data from publicly recorded sales deeds and from the bureau of labor statistics. The affordability index is based on the percentage of average wages needed to make monthly house payments on a median-priced home with a 30-year fixed rate mortgage and a 3-percent down payment, including property taxes, home insurance and mortgage insurance. (Read the full methodology here.)

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