Debunking your broker’s “30% rule” — Americans need to set aside 43% of their income for a home
The longstanding affordability benchmark appears to have become obsolete.
About the author
As a data reporter and analyst at Bankrate, Alex Gailey writes data-driven stories that break down complex financial topics and help consumers make better money decisions. When she’s not crunching numbers together for broader money stories on the economy, real estate or consumer spending, she’s covering consumer finance from the perspective of financially vulnerable groups, including women, people of color and low-income families. As part of her beat, she analyzes how these groups navigate financial challenges, the workplace, building wealth and other emerging trends related to money. She’s covered personal finance for seven years and before that, she reported on economic development in Atlanta.
Alex has interviewed hundreds of personal finance experts, from certified financial planners and economists to career advisors and financial therapists. She believes in thorough reporting and interviewing experts to have a pulse on consumer finance trends and news. She also spends a lot of her time talking to everyday people to better understand their money experiences.
Before joining Bankrate, Alex worked for NextAdvisor in partnership with TIME Magazine, The Boston Globe, Atlanta Business Chronicle and Charlotte Business Journal. Her work has been cited by the Washington Post, the New York Times, CNBC, Bloomberg, CBS News and more. She’s a member of the Society for Advancing Business Editing and Writing (SABEW), Investigative Reporters and Editors (IRE) and was selected as a Goldschmidt data fellow in 2024.
I want to meet people of different backgrounds and income brackets where they are and give them the information they need to achieve financial success.
— Alex Gailey
“Creating space within households for healthy money dialogues is critical”
The longstanding affordability benchmark appears to have become obsolete.
In most major markets, fewer than 3 in 10 homes are affordable to the typical household, Bankrate found.
Bankrate ranked major U.S. metros according to two factors: (1) the share of homes for sale that a typical household can afford and (2) the income needed to buy a median-priced home.
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From investing to advocating for better pay, these financial planners share the strategies that can help women build lasting wealth.
Despite progress in recent years, there’s still a gender gap in retirement planning.
A look at the gender pay gap by occupation and industry.
See how the gender wage gap in your state stacks up.