Affordability has largely disappeared from home sales in the top U.S. metros in the past two years when compared to median household incomes.
In the top 97 metros by population, only 16% of homes offered for sale in 2023 year were priced with estimated monthly mortgage payments of less than 30% of median monthly household income, according to a new Redfin analysis.
The percentage of affordable listings nationwide dropped from 21% reported in 2022, which was nearly half of Redfin's 2021 average of 39%. The total number of affordable homes list in 2023 also dropped more than 40% from the 2022 tally, plunging to 353K units from 596K the previous year.
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