Housing affordability remains a concern for would-be homebuyers as the income needed to afford a typical U.S. home remains near historic highs and well above what most American households earn, though there are signs of improvement from a year ago.
Home prices surged in 2022 and 2023 amid strong demand coming out of the pandemic, while mortgage rates also doubled due to interest rates rising to counteract the surge in inflation.
A new report by Redfin found that the income needed to afford the typical home on the market is $109,796 as of June – a decrease of 0.5% from the all-time high of $110,382 that was reached last year.
A year ago, the…
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