- ORIGINAL NEWS
2023 was the least affordable homebuying year in at least 11 years, Redfin says
- SUMMARY
In 2023, buying a home was the least affordable it had been in over a decade.
The cost of housing has increased significantly, with people needing to spend more than 40% of their income on monthly housing costs, significantly higher than in previous years.
This has made it challenging for many to afford a home, especially in areas like California, where prices are exceptionally high.
However, there is some good news: predictions for 2024 indicate that mortgage rates may decrease, and prices might drop slightly due to an increase in new listings on the market.
- NEWS SENTIMENT CHECK
- Overall sentiment:
negative
Positive
“Austin, Texas, was the only city that became more affordable in 2023, decreasing by around a 1% share, according to Redfin’s analysis.”
“Looking to 2024, Redfin predicts mortgage rates will fall to about 6.6% and prices will drop 1% as new listings find their way onto the market.”
Negative
“This year was the least affordable year for homebuying in more than a decade, according to a new Redfin report.”
“In 2023, someone making the median income in the U.S. – $78,642 – would’ve had to spend more than 40% of their income on monthly housing costs if they bought the median-priced home, which was around $400,000, according to Redfin.”