Some good news for potential homebuyers in 2024 — affordability didn’t worsen for the first time in four years, according to a Redfin study. Although buying a home became slightly more affordable last year, last year was the second most expensive homebuying year on record. Only 2023 was less affordable.
Affordability improved in half of the top 50 metros during the year, according to Redfin’s analysis that estimates monthly housing payments for the typical homebuyer using median home sale prices, monthly mortgage rates, median household incomes and the assumption of a 15% down payment.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
