Mapped: The Income Required to Buy a Home in Every U.S. State

Mapped: The Income Required to Buy a Home in Every U.S. State

Two recent reports tackled the growing income hurdle facing homebuyers, and while their numbers differ slightly, their conclusions are similar. Bankrate estimates that purchasing a median-priced home in the U.S. (roughly $418,500) requires a household income of about $116,986, up nearly 50% from $78,236 in early 2020. Realtor.com puts the figure at $114,000 and highlights a dramatic shift at the state level: over 30 states (plus D.C.) now demand six-figure incomes to afford a typical home, a steep jump from just six states five years ago.

Exploring key aspects of housing affordability:

• Stagnant Wage Growth: Income growth has not kept pace, widening the gap…

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Accepted Offer — Why Is That Home Still Listed Online?

Accepted Offer — Why Is That Home Still Listed Online?

If you're house-hunting in Westchester County and spot a home listed as “available,” it’s natural to assume it’s still up for grabs — but here’s where New York real estate begins to get a bit tricky. Unlike many other states, New York prohibits real estate brokers from drafting contracts. That means there’s a period of time between when a seller says “yes” to an offer and when a contract is drafted by the attorneys for both sides to sign. During this interim, the offer is considered “accepted”, but that is essentially a handshake deal. Because an “accepted offer” is only a verbal agreement, both sides can still walk away for any reason. As a result, most sellers continue to show…

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May 2025 Housing Market Report

The Hudson Gateway Association of REALTORS released its May 2025 housing market report this week. Westchester County remains the region’s most competitive market.

Here are the highlights:

• Median Sale Price:  $999,000 for single-family homes (2% increase from last year).

• Closed Sales:  Up 7.4% compared to May 2024, indicating strong demand.

• Market Supply:  2.8 months (+3.7%) - still deeply a seller’s market.

• Buyer Activity:  High demand continues, especially in entry-level and mid-tier markets where inventory is scarcest.

• Market Dynamics:  Sellers continue to benefit from tight supply, though pricing competitively and timely listing remain important to attract offers.

As we near…

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The Buy Now vs. Wait Calculator

The Buy Now vs. Wait Calculator

Just in time for National Homeownership Month, MGIC’s Buy Now vs. Wait Calculator gives first-time homebuyers a clear comparison of the financial impact of buying now versus waiting to save for a 20% down payment.  Waiting might lower your future mortgage payment, but rent doesn’t build equity — and there’s no guarantee rates, prices, or inventory will improve. This tool gives you an instant, detailed breakdown to help you make a confident decision.

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30 Years of National Homeownership Month

30 years of National Homeownership Month 

Homeownership remains a cornerstone of the American Dream — but getting started can feel overwhelming. Nearly 1 in 4 Gen Z and Millennial adults say they’re anxious about where to begin and who to trust. And 69% of U.S. adults mistakenly believe mortgage rates are at all-time highs. Add Redfin’s headline about “500,000 more sellers than buyers,” and hesitation is understandable. But here’s what’s missing:

• 72% of renters are more worried about rising rents and their long-term finances.

• While rates are up from pandemic lows, they’re still under the historical average of 7.7%; and projected to dip in the year ahead.

• 22 of the top 50 metro areas have returned to…

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Market Shifts Are Reshaping Westchester’s Peak Season

Market Shifts Are Reshaping Westchester’s Peak Season

Click the Chart for All Statistics

Spring 2025 may have brought another early peak in Westchester’s real estate market. For the third year in a row, new listings declined from April to May, bucking the pre-2020 trend where May was usually the high point. Although inventory is up from last year, it's still well below historical norms, with fewer than half as many homes for sale this spring as in 2015. Here’s a deeper dive into Westchester County’s Spring markets since 2015:

• Earlier New Listing Peak: April has outpaced May for new listings in recent years, possibly due to sellers trying to attract buyers ahead of rising competition.

• Inventory Trends: The peak in…

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My Grandfather’s 105th birthday

Today would have been my grandfather’s 105th birthday.

Thirty-five years before he was born, his grandfather (my great-great-grandfather) founded our firm in 1885.

As we celebrate Father’s Day this weekend, I’m especially grateful for the legacy both my grandfather and father passed down. 140 years later, and our family is still doing the work we love.

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