A new Redfin article shows nearly 40% of homeowners could not afford their homes if they were buying them today, thanks to monthly housing costs reaching an all-time high due to elevated mortgage rates and home prices that have doubled over the last decade.
According to a new Redfin report, roughly half of all Americans are struggling to afford housing payments, with 1 in 5 making big sacrifices to cover the costs—including skipping meals, working extra hours, and delaying medical care.
A new Redfin report shows homebuyers earning the national median income ($78,642) in 2023 would have spent 41.4% on housing costs for the median-priced home ($408,806), making 2023 the least affordable year on record. But there’s hope for 2024.
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