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Housing Affordability

Homebuyers Need $107,000 Annually to Afford the Typical U.S. Home–Up 46% From a Year Ago

Homebuyers across the country need to earn substantially more money than they did a year ago to buy a home, due to high mortgage rates and persistently high home prices. The increases are especially big in Florida.  A homebuyer must earn $107,281 to afford the $2,682 monthly mortgage payment on the typical U.S. home, up […]

Homebuyers Need $107,000 Annually to Afford the Typical U.S. Home–Up 46% From a Year Ago Read More »

Pandemic Boomtowns Phoenix and Miami Have Among the Highest Inflation Rates in the U.S.

The inflation rate in Phoenix, which attracted scores of out-of-town homebuyers during the pandemic, is more than double the inflation rate in the Bay Area, which saw an exodus of residents. The four U.S. metropolitan areas with the highest inflation rates in the third quarter are migration hotspots. Phoenix, Atlanta, Tampa, FL and Miami experienced

Pandemic Boomtowns Phoenix and Miami Have Among the Highest Inflation Rates in the U.S. Read More »

Homebuyers Are Looking to Move to Sacramento, Miami and Other Relatively Affordable Places as High Rates, Inflation Cut Into Budgets

Surging mortgage rates and persistently high home prices are motivating many of the buyers who remain in the market to relocate to more affordable areas, but migration may slow as the economy continues to soften. Nearly one-quarter (24.2%) of homebuyers nationwide looked to move to a different metro area in the third quarter, a record

Homebuyers Are Looking to Move to Sacramento, Miami and Other Relatively Affordable Places as High Rates, Inflation Cut Into Budgets Read More »

Redfin Economist Q&A: Advice for People Who Need to Move Now While Housing Costs Remain Near Record Highs

Many prospective buyers and sellers have retreated to the sidelines as mortgage rates near 7% and home prices remain high, sending sales and new listings down, but some need to move now. Redfin’s economists advise on how to buy and sell in an uncertain economic landscape.  Home sales and listings are pulling back even further

Redfin Economist Q&A: Advice for People Who Need to Move Now While Housing Costs Remain Near Record Highs Read More »

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