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01

0:00/1:34

Maybe you didn’t know just how unaffordable the housing market has gotten. Americans now need to earn more than six figures in order to purchase a median-priced home, according to calculations in a new Redfin report. That’s a lot more than the average American makes, to say the least. 

번역 보기
unaffordable
너무 돈이 많이 드는, 너무 비싼
figure
[숫자와 함께 복합어를 이루어] …자리의
median-priced
중간값의 가격이 매겨진

A prospective homebuyer needs to make $114,627 to afford a home, the brokerage and real-estate research firm says. That’s a 15% year-over-year increase and the highest annual income on record to buy a home. This is a problem considering that median household income was $74,580 in 2022—about $40,000 shy of what’s needed to meet Redfin’s target. (Redfin’s reporting takes into account income, average monthly mortgage payments, and current mortgage rates.)

번역 보기
brokerage
중개업, 중개
real-estate
부동산, 부동산 중개업
year-over-year
매년

02

0:00/1:34

And this doesn’t even consider regional variation, or famously expensive markets such as New York City. Just to rent an apartment in Gotham, most landlords will require that your annual income equals at least 40 to 45 times the monthly rent. 

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equal
(수·양·가치 등이) 같다, …이다

“New York City, Chicago, and Los Angeles have all seen dramatic increases in the price to rent a home.”
Plus, “the reality is that renting will usually cost more in the long run, as it comes with the opportunity cost of not building equity or wealth,” McDermut says.

번역 보기
in the long run
(앞으로 길게 보았을 때) 결국에는
equity
(자산의) 순수 가치
wealth
부(富), (많은) 재산

03

0:00/1:34

It has to do with the difference between how your salary looks (in most cases pretax) and how you need to come up with cold hard cash in the rental market. For instance, back in December 2020, prospective NYC renters needed to earn more than $10,000 (pretax) each month to meet the $3,100 median rent at the time.

번역 보기
have to do with
…와 관계가 있다, 관련되다.
pretax
세금을 포함한, 세금 공제 전의
cold hard cash
현금, 현찰

Fast forward to today, however, and average monthly rent in Manhattan hit an all-time high this summer at $4,400—meaning that renters would need to make a whopping $176,000 per year (pretax) to even be eligible to rent.

번역 보기
whopping
엄청 큰
eligible
(자격·연령 등의 조건이 맞아서) …을 가질[할] 수 있는

04

0:00/1:34

“This trajectory, while concurrent with what we’ve observed in the realm of homeownership, accentuates a broader theme: escalating housing costs,” John Walkup, co-founder of NYC real estate analytics company UrbanDigs, tells Fortune. “The fact that rental costs have followed a similar upward trend as home prices underscores that renters and buyers alike are affected.” 

번역 보기
trajectory
탄도, 궤적, 궤도
concurrent
공존하는, 동시에 발생하는
accentuate
강조하다, 두드러지게 하다

The strain on housing affordability is largely driven by mortgage rates, which just hit 8% on Wednesday, and rising home prices, which have increased 5% year-to-date. 

번역 보기
strain
부담, 중압[압박](감)
year-to-date
올해 초부터 현재까지

05

0:00/1:34

But one-fourth of homeowners were paying more than $3,000 per month as of July, leaving many of them house-poor. Meanwhile, average U.S. monthly earnings in July 2023 were just $4,600, according to economic data firm CEIC. That means some homeowners could be spending more than 60% of their paychecks on their mortgage—much higher than what is considered affordable. A monthly mortgage payment is considered affordable if the homebuyer “spends no more than 30% of their income on housing,” Fairweather says.

번역 보기
house-poor
집 마련에 돈이 너무 들어 가난한
paycheck
급료 (지불 수표)

“In a homebuyer’s ideal world, rising mortgage rates would push demand and home prices down enough to make up for high interest payments. But that’s not what’s happening now,” Chen Zhao, Redfin economics research lead, said in a statement. “Although new listings are ticking up slightly, inventory is still near record lows as homeowners hang onto their low mortgage rates—and that’s propping up prices.”

번역 보기
tick up
<주가 등이> 상승하다
record low
사상 최저
prop up
지원하다, 받쳐주다