A millennial who makes 6 figures says she's looking across the US for a home but is struggling to find one in her budget that has green space and a 'metropolitan vibe'

Madelyn Driver said she and her husband are struggling to find a home in the US that checks all their boxes. Madelyn Driver

• A Pennsylvania-based couple is struggling to afford a home despite their six-figure incomes. 
• They each work remotely, but expanding their home search across the US hasn't solved their problem.
• Some Americans are struggling to buy a home due to high housing prices and mortgage rates. 

When Madelyn Driver and her husband began house-hunting, they thought they had a few advantages.

First, they were in pretty good financial shape, Driver told Business Insider via email. The 30-year-old makes over $100,000 working in the tech industry, according to a document viewed by BI — and she said her husband also has a six-figure income. After taking stock of their finances, the couple decided to focus on homes valued at no more than $700,000.

Second, they had the flexibility to search for homes across the country. That's because, while they're currently based in Pennsylvania, Driver and her husband both work remotely. While they've explored several areas, Driver said Colorado, the Carolinas, and Virginia have been of particular interest.

However, despite their income and geographic flexibility, the couple has continued to bump up against affordability challenges.

"We're finding that even in a vast country like the US, housing options that align with our desires for green spaces, a somewhat metropolitan vibe, and cultural vibrancy are surprisingly out of budget," Driver said.

Driver is among a group of Americans with six-figure incomes who are having trouble meeting some of their financial goals. These people are sometimes called HENRYs — or high earners, not rich yet. In recent years, as inflation has weighed on people's finances, a $100,000-a-year salary hasn't gone as far as it used to.

"I remember thinking that earning $100,000 felt like an unimaginable milestone," Driver said. "Now, my husband and I both exceed that number. Yet, we hardly feel rich."

The US housing market has proven particularly challenging for some millennials like Driver. In recent years, high home prices and elevated mortgage rates have propelled the cost of homeownership in the US to near-record-high unaffordability levels.

"If expenses — especially housing costs — were more reasonable, I'd feel much more financially secure and rich," Driver said.

To be sure, some high-earning millennials probably think their incomes are quite sufficient. In part, this could be because they're among the roughly 52% of millennials who owned a home as of 2022 — many of whom bought homes before the spike in home prices and mortgage rates over the last few years.

Of course, for the majority of Americans who don't have a six-figure income — the average annual full-time salary was about $84,000 as of March — affording a home is even more of a challenge.

As of the first quarter of 2024, the homeownership rate for US households with a family income below the median income was about 53%, according to Census Bureau data. For households with a family income greater than or equal to the median income, the homeownership rate was about 79%.

Driver shared her homebuying strategy and priorities — and what she and her husband plan to do if the housing market doesn't shift in their favor.

Avoiding being "house-poor" is a top priority

Driver and her husband have given their home search a lot of thought. When developing their home budget, they agreed it was important not to overextend themselves.

"Our incomes could support a much higher housing price, but we really want to avoid being 'house-poor' and trapped in a higher monthly mortgage amount," she said.

Additionally, they developed a list of the top characteristics they were looking for in the area surrounding their home. Driver said their ideal location would have a highly educated population, diversity, plenty of green space, and milder weather than the Northeast.

To get a feel for each area they were considering, the couple decided that they needed to "experience it as locals." Driver said they stayed in long-term Airbnbs and pet-sat for extended periods to immerse themselves in different communities.

"This approach certainly has its logistical challenges, but it's been essential for us to see beyond the internet searches and experience what daily life would actually feel like in a new city," Driver said.

Going forward, Driver said they won't rush to buy a home if they can't find anything that checks enough of their boxes. If they're still searching a year from now, she said they might reevaluate some of their priorities.

"We won't compromise on things like a safe area and neighborhood, square footage, and property acreage," she said. "But, if we can't find the perfect home, we'd be open to buying a less expensive house that might need more serious work."

Are you making over $100,000 a year? Are you willing to share your story and the impact this income has had on your life? If so, contact this reporter at [email protected].

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