In another sign of just how expensive American homes and monthly mortgage payments have become, the National Association of Realtors says the typical homebuyer’s income jumped nearly $20,000 in one year.

Data from NAR’s annual Profile of Home Buyers and Sellers report, which is based on a survey of 6,817 people who bought a home between July 2022 and June 2023, showed the median income for the nation’s homebuyers was now $107,000, up from $88,000 the year before.

“Given the erosion of housing affordability due to higher home prices and mortgage rates, the household income for those who successfully purchased homes jumped by nearly $20,000 and topped six figures for only the second time in our records,” Jessica Lautz, NAR deputy chief economist and vice president of research, said in a statement. “In a still-competitive housing market, more well-off home buyers were able to have their bids accepted by offering larger down payments and even by paying cash.”

Another sign of that erosion of affordability: First-time buyers made up only 32 percent of all home buyers, well below the 38 percent annual average since 1981. Still, NAR said, it’s an increase from last year’s historic low of 26 percent. The typical ages for first-time (35 years) and repeat (58 years) buyers declined slightly from the record highs of 36 years and 59 years, respectively, last year.

“First-time buyers tiptoed back into the market this year with less competition and fewer multiple-offer scenarios,” said Lautz. “While the share of first-time buyers is still near historic lows, it is higher than last year. Notably, today’s first-time buyers had household incomes nearly $25,000 above last year and are more likely to use financial assets to enter the market.”

Eighty percent of buyers financed their home purchase, up slightly from 78 percent last year but still down from 87 percent two years ago. The typical down payment for first-time buyers was 8 percent, which is the highest since 1997 when it was 9 percent. The typical down payment for repeat buyers was 19 percent, the highest since 2005 when it was 21 percent. In securing their down payments, first-time buyers increased their reliance on financial assets this year, using the sale of stock or bonds (11 percent), 401k or pension (9 percent), IRA (2 percent) and the sale of cryptocurrency (2 percent).

“While the housing market had limited inventory and home prices were in flux, buyers and sellers both increased their use of real estate agents,” said Lautz. “Buyers wanted an expert to help them find the right home and conduct negotiations. Sellers also relied on real estate agents and brokers to price their home competitively and market it to potential buyers.”