- Fewer than a quarter of homes listed for sale nationwide qualified as affordable for the typical U.S. household, according to a new report shared exclusively with The Hill.
- The report, released Friday by real estate brokerage Redfin, found that the number of affordable listings in 2022 fell by more than half from the previous year — the largest annual drop on the company’s record dating back to 2013.
- Redfin analyzed home listings in the nation’s 100 most populous metros, marking a listing as affordable if its estimated monthly mortgage payment did not exceed 30 percent of the local county’s median income.
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Housing Affordability Hits Historic Low
A sign is displayed in front of a new housing development in Burke, Virginia, on April 26, 2022. - Sales of new homes fell in the US last month, government data said on April 26, as high prices continued to crimp demand. Sales dropped to an annualized rate of 763,000, seasonally adjusted, less than analysts anticipated and 8.6 percent below the rate in February, which was revised sharply upwards, the Commerce Department reported. (Photo by Stefani Reynolds / AFP) (Photo by STEFANI REYNOLDS/AFP via Getty Images)
