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You must earn six figures to afford the typical home in the US, report shows

Americans must earn $107,000 to afford a "typical" house, according to a report from Redfin. These tips can help lower your monthly house payment.

CHARLOTTE, N.C. — It's no secret that the housing market is tough for those looking to buy a home, and now a new study shows it could be even harder. 

A new report from Redfin found that U.S. buyers need to make 45% more than they did last year just to afford a so-called "typical" house. So how can homeowners reduce their monthly mortgage payment? 

Let's connect the dots

Redfin's report found that American buyers must earn $107,000 a year to afford the median monthly mortgage payment. That's 45% higher than this time last year. 

RELATED: Homeowners worried after money promised to help pay their mortgages fails to arrive

A typical mortgage will cost you around $2,600. For an average 30-year fixed mortgage, you're looking at $2,682 per month. 

And while home values have softened in some parts of the country, the average sale price is up from a year ago. That means higher mortgages for those trying to own their first home. 

So what can you do? Experts say there are a few ways you can reduce your monthly house payment. 

A higher down payment means a smaller mortgage and lower monthly payment. If you don't have the cash up front, you can get an adjustable-rate mortgage. 

Adjustable-rate loans offer a lower initial rate before adjusting to the market later on. At the end of the day, housing industry experts say to choose the option that's right for you. 

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