Bankrate’s 2024 Pay Rise Survey was conducted using online interviews with members of YouGov Plc’s personal panel who agreed to take part in the survey. All figures are from YouGov Plc unless otherwise stated. The total sample size was 2,492 U.S. adults, 1,313 of whom were employed. The field survey was conducted from October 9th to 11th, 2024. The survey was conducted online and met strict quality standards. We collected a nonprobability-based sample and used demographic assignments and weights to better align our survey sample with the broader U.S. population.
Bankrate’s 2024 House Prices Report includes the Homeowner’s Regret Survey conducted by YouGov Plc. All figures are from YouGov Plc unless otherwise stated. The total sample size was 2,408 adults, of whom 1,270 were homeowners. Fieldwork was conducted from April 15 to 17, 2024. The survey was conducted online. We employed a non-probability-based sample that used both quotas a priori during collection, followed by a back-end weighting scheme designed and proven to provide nationally representative results. The Housing Affordability Report also includes research on home ownership and the American Dream conducted by YouGov Plc. All figures are from YouGov Plc unless otherwise stated. The total sample size was 2,317 adults. Fieldwork was conducted from March 6 to 8, 2024. The survey was conducted online. We employed a non-probability-based sample that used both quotas a priori during collection, followed by a back-end weighting scheme designed and proven to provide nationally representative results.
Bankrate’s 2024 Home Price Data Study is based on an analysis of the annual income required to purchase 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 sales price data for January 2020 and January. February 26, 2024 Calculate and determine monthly mortgage payments in every state, District of Columbia, and nationwide. Americans need to earn money to buy a typical home. Monthly mortgage payments in 2024 for all 50 states and the District of Columbia assume a 20% down payment, no HOA fees or PMI, 52-week average interest rate for a 30-year fixed mortgage, and 2022 average. Calculated using Bankrate’s mortgage calculator. State property taxes and average homeowners insurance premiums in 2020. According to a survey of major financial institutions conducted by Bankrate on February 21, the 52-week average interest rate for a 30-year fixed mortgage was 7.05%. Bankrate used 2020 National Association of Insurance Commissioners data from the Insurance Information Institute to factor into its calculations the average cost of homeowners insurance in every state, the District of Columbia, and nationwide. Bankrate’s calculations also include 2022 statewide property tax data from ATTOM. Based on the same assumptions, Bankrate used Fannie Mae’s mortgage calculator to estimate monthly mortgage payments nationwide as of January 2024. 2020 monthly mortgage payments 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, average 30-year fixed mortgage rates as of January 2020, average 2020 state property taxes, and average 2020 homeowners insurance rates. The 30-year fixed mortgage rate in January 2020 was 3.68%, according to data from the National Association of Realtors. Bankrate factored in the average cost of homeowners insurance for every state, the District of Columbia, and the nation using 2020 National Association of Insurance Commissioners data from the Insurance Information Institute. Bankrate’s calculations also include 2020 statewide property tax data from ATTOM. Based on the same assumptions, Bankrate used Fannie Mae’s mortgage calculator to estimate monthly mortgage payments nationwide in January 2020. The annual income required to buy a median-priced home is based on someone spending no more than 28% of their annual income on housing. Housing according to the traditional 28/36 rule. Bankrate’s calculations don’t include other monthly expenses or debt. 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 takes out a mortgage to finance the purchase of a home. The results of this study do not imply mortgage approval or financing.
