The last time the typical household earned more than the median-priced home was in February 2021.
AdvertisementMortgage rates have eased from multi-decade highs hit late last year, but housing affordability hasn't improved much in 2024.
"For over a decade, America has been slowly marching toward a housing affordability crisis due to chronic underbuilding, and that crisis was kicked into overdrive when the pandemic homebuying boom fueled a meteoric rise in housing prices," said Redfin senior economist Elijah de la Campa.
On the flip side, buyers in Anaheim, California were hit by the nation's biggest housing affordability crunch, as they needed 20% more income compared to the previous year.
The median home price has climbed twice as much as the 6% rise in median household income over the past year.
Persons:
Redfin, —, It's, Elijah de la, Campa
Organizations:
Service
Locations:
America, San Antonio , Texas, Anaheim , California