Bankrate’s 2024 Pay Raise Survey was conducted using an online interview administered to members of the YouGov Plc panel of individuals who have agreed to take part in surveys. All figures, unless otherwise stated, are from YouGov Plc. The total sample size was 2,492 U.S. adults, including 1,313 who are employed. Fieldwork was undertaken between October 9-11, 2024. The survey was carried out online and meets rigorous quality standards. It gathered a non-probability-based sample and employed demographic quotas and weights to better align the survey sample with the broader U.S. population.
Bankrate’s 2024 Home Affordability Report includes the survey on homeowner regrets, which was conducted by YouGov Plc. All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2,408 adults, of which 1,270 were homeowners. Fieldwork was undertaken between 15th-17th April 2024. The survey was carried out online. It employed a non-probability-based sample using both quotas upfront during collection and then a weighting scheme on the back end designed and proven to provide nationally representative results. The Home Affordability Report also includes the survey on homeownership and the American Dream, which was conducted by YouGov Plc. All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2,317 adults. Fieldwork was undertaken between 6th-8th March 2024. The survey was carried out online. It employed a non-probability-based sample using both quotas upfront during collection and then a weighting scheme on the back end designed and proven to provide nationally representative results.
Bankrate’s 2024 Home Affordability Data Study is based on an analysis of annual income needed to afford a median-priced home in all 50 U.S. states and the District of Columbia in 2024 compared to 2020. Bankrate accessed Redfin’s median sale price data from January 2020 and January 2024 on February 26, 2024 to calculate monthly mortgage payments for every state, the District of Columbia and nationwide to determine how much Americans need to earn to afford a typical home. Monthly mortgage payments for 2024 for all 50 states and the District of Columbia were calculated using Bankrate’s mortgage calculator assuming a 20% down payment, no HOA fees or PMI, the 52-week average interest rate for a 30-year fixed mortgage, 2022 average state property taxes, and 2020 average homeowners insurance rates. According to Bankrate’s survey of large lenders on February 21, the 52-week average for a 30-year fixed mortgage interest rate was 7.05%. Bankrate used 2020 National Association of Insurance Commissioners data from the Insurance Information Institute to factor in the average cost of homeowners insurance in every state, the District of Columbia and nationwide in its calculations. Bankrate also included 2022 statewide property tax data from ATTOM in its calculations. Based on the same assumptions, Bankrate used Fannie Mae’s mortgage calculator to estimate the nationwide monthly mortgage payment as of January 2024. Monthly mortgage payments for 2020 for all 50 states and the District of Columbia were calculated using Bankrate’s mortgage calculator assuming a 20% down payment, no HOA fees or PMI, the average 30-year fixed mortgage interest rate as of January 2020, 2020 average state property taxes, and 2020 average homeowners insurance rates. The 30-year fixed mortgage rate in January 2020 was 3.68%, according to National Association of Realtors data. Bankrate used 2020 National Association of Insurance Commissioners data from the Insurance Information Institute to factor in the average cost of homeowners insurance in every state, the District of Columbia and nationwide in its calculations. Bankrate also included 2020 statewide property tax data from ATTOM in its calculations. Based on the same assumptions, Bankrate used Fannie Mae’s mortgage calculator to estimate the nationwide monthly mortgage payment for January 2020. The annual income needed to afford a median-price home is based on a person spending no more than 28% of their annual income on housing, as per the traditional 28/36 rule. Bankrate’s calculations did not include other monthly expenses or debts. Income data in this analysis is adjusted for inflation using the Consumer Price Index. In this report, Bankrate defines an “aspiring homeowner or homebuyer” as someone who will take out a mortgage to finance a home purchase. Results in this study in no way indicate approval or financing of a mortgage.
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