The Challenges of Homebuying in 2023: Affordability, Rates, and Inventory
TL;DR Summary
According to a report from real estate company Redfin, 2023 was the least affordable year for homebuying in at least the past 11 years. Monthly housing costs for a median-priced home exceeded 40% of the median income in the U.S., the highest share in Redfin's records. Homebuyers' costs have risen faster than wages, with the 30-year fixed mortgage rate reaching 8% for the first time since 2000. Only Austin, Texas, became more affordable, while California metros remained expensive. Redfin predicts that mortgage rates will fall and prices will drop slightly in 2024.
- 2023 was the least affordable homebuying year in at least 11 years, Redfin says CNBC
- High Rates, Low Inventory Still Dog First-Time Home Buyers in Q3 The Killeen Daily Herald
- Home economics: The alternative to mortgages with sky-high rates Washington Examiner
- Why buying a house in the US is so hard right now Vox.com
- Housing keeps getting less affordable, only Austin improved: Redfin Business Insider
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