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recent Redfin report reveals that Americans must earn nearly $80,000 annually to afford a typical starter home, a figure significantly higher than the average household income. This trend is reflected in local markets like Tulsa, Oklahoma, where real estate agent Julie Nguyen advises clients to act quickly when they find a suitable property.

    Nguyen notes that homes in the Tulsa market have appreciated by an average of $25,000 per year over the past four years, consistent with national trends reported by Zillow. The website found that starter home prices across the US have increased by more than 54% over five years.

    To navigate this challenging market, mortgage broker Jennifer Freet recommends that potential buyers get a loan prequalified letter before starting their search. This document can increase a buyer's chances of securing a property and may be required by sellers. Freet also highlights programs catering to first-time homebuyers, such as down payment assistance options with zero or low down payments.

    Once qualified, it's essential for buyers to maintain their financial stability, warns Freet. She advises against making significant purchases, closing credit cards, or making major financial changes while attempting to buy a house. Research suggests that first-time homeowners typically live in their first home for three to seven years.