ATLANTA — A new study highlights the growing challenge of homeownership in the U.S., revealing that a six-figure income is now necessary to afford a median-priced home, even in states like Georgia, where housing is still considered relatively affordable.

According to a recent analysis from Bankrate, the average American needs to earn approximately $117,000 per year to afford a median-priced home nationwide. In Georgia, the required income is slightly lower, but still significant, just over $101,000 annually.

Housing market analyst Jeff Ostrowski explains that Georgia remains more affordable than other parts of the country, but rising prices and high mortgage rates are making it especially difficult for first-time buyers. “It’s a one-two punch and it’s really squeezing first-time buyers; home prices are high and mortgage rates are much higher than they were a few years ago,” Ostrowski said.

The median home price in Georgia is just under $369,000, while the metro Atlanta area is slightly higher at nearly $389,000, according to Zillow. Despite the steep prices, there’s a small bright spot for buyers; the average price in the metro area is down 2.4% from this time last year.

Mortgage rates continue to be a key factor in affordability, currently averaging around 6.8%, significantly higher than rates seen just a few years ago.

Still, Ostrowski points to one encouraging trend heading into the spring: “There’s more inventory going into this spring home buying season than there has been for about five years now.”

The study highlights how rising home prices and interest rates continue to shape who can afford to buy a home in Georgia and across the country.

WSB’s Ashley Simmons contributed to this story