Homebuying Affordability Improves in 2024 After Record Highs in 2023
TL;DR Summary
2023 has been the least affordable year for homebuying in Redfin's records, with homebuyers needing to spend a record 41% of their earnings on monthly housing costs. Anaheim and San Francisco were the least affordable markets, while Detroit and Pittsburgh were the most affordable. However, affordability is expected to improve in 2024 as home prices and mortgage rates decrease.
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