{"id":79077,"date":"2025-01-06T05:00:09","date_gmt":"2025-01-06T13:00:09","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=79077"},"modified":"2025-01-15T10:38:40","modified_gmt":"2025-01-15T18:38:40","slug":"housing-affordability-2024","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-affordability-2024\/","title":{"rendered":"Housing Affordability Didn\u2019t Worsen in 2024\u2014The First Time in Four Years That Has Happened"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">A household earning the median U.S. income would have had to spend 41.8% of their earnings on monthly housing costs to buy the typical home in 2024, a slight improvement from 42.2% in 2022.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">A homebuyer needed to earn an annual income of at least $116,782 if they wanted to spend no more than 30% of their earnings on monthly housing payments for the median-priced home.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">The least affordable major markets were Los Angeles, San Francisco and Anaheim, where<\/span><\/i><i><span style=\"font-weight: 400;\"> homebuyers would have needed to spend over 75% of their pay on monthly housing costs. Pittsburgh, Detroit and St Louis were the most affordable.<\/span><\/i><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><i><span style=\"font-weight: 400;\">Affordability improved in 25 of the top 50 metros in 2024.<\/span><\/i><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Buying a home became more affordable in 2024, but only by the slimmest of margins. It was still the second least affordable homebuying year on record, surpassed only by 2023.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A household making the $83,782 median U.S. income in 2024 would\u2019ve had to spend 41.8% of their earnings on monthly housing costs if they bought the $429,734 median-priced U.S. home. That\u2019s a slight improvement from 42.2% in 2023, but is considerably less affordable than the typical share of 30% or lower recorded throughout the 2010s.<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-1C0xN\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Share of Income Needed to Afford Typical Home Drops Slightly in 2024\" src=\"https:\/\/datawrapper.dwcdn.net\/1C0xN\/2\/\" height=\"439\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Column Chart\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<p><span style=\"font-weight: 400;\">That\u2019s according to a Redfin analysis that estimates monthly housing payments for the typical homebuyer using median home sale prices, monthly mortgage rates (averaging 6.72% for 2024) median household incomes, and the assumption of a 15% down payment, principal, interest, taxes and insurance. (Note: Data for 2024 goes through November, while data from past years spans the full year. More information on the methodology is available at the end of the report.)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cAffordability improved ever so slightly this year because wage growth outpaced the growth in monthly housing payments,\u201d said Redfin Senior Economist <\/span><a href=\"https:\/\/www.redfin.com\/news\/author\/elijah-delacampa\/\"><span style=\"font-weight: 400;\">Elijah de la Campa<\/span><\/a><span style=\"font-weight: 400;\">. \u201cBut that\u2019s not to say buying a home became affordable. For many Americans, buying a home remains more out of reach than ever and that\u2019s unlikely to change anytime soon. Even with inventory trending <\/span><a href=\"https:\/\/www.redfin.com\/news\/unsold-housing-inventory-november-2024\/\"><span style=\"font-weight: 400;\">upwards<\/span><\/a><span style=\"font-weight: 400;\">, we still expect prices to continue rising in <\/span><a href=\"https:\/\/www.redfin.com\/news\/housing-market-predictions-2025\/\"><span style=\"font-weight: 400;\">2025<\/span><\/a><span style=\"font-weight: 400;\"> due to a lack of homes for sale\u2014pushing more would-be homebuyers to rent instead.\u201d<\/span><\/p>\n<p><b>Homebuyers need to earn $116,782 to afford the typical home<\/b><\/p>\n<p><span style=\"font-weight: 400;\">In 2024, a homebuyer needed to earn an annual income of at least $116,782 if they wanted to spend no more than <\/span><i><span style=\"font-weight: 400;\">30%<\/span><\/i><span style=\"font-weight: 400;\"> of their earnings on monthly housing payments for the median-priced home. That\u2019s a record high and is $33,000 more than the typical household makes in a year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A rule of thumb in personal finance is that people should spend no more than 30% of their income on housing, though this rule has become harder to follow as housing costs have soared.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The median monthly housing payment for homebuyers hit a record of $2,920 in 2024, rising 4.3% from 2023 and 86% from 2019. In contrast, wages have grown around <a href=\"https:\/\/fred.stlouisfed.org\/series\/FRBATLWGT12MMUMHGO\" target=\"_blank\" rel=\"noopener\">5<\/a><\/span><span style=\"font-weight: 400;\">%<\/span><span style=\"font-weight: 400;\"> year-over-year throughout 2024. The slight improvement in affordability this year is mainly due to the slightly lower average mortgage rate (6.72%), compared to 2023 (6.81%). It was the fourth consecutive year where the income needed to keep home payments affordable was higher than the median household income.\u00a0<\/span><\/p>\n<p><iframe id=\"datawrapper-chart-5fX8K\" style=\"width: 0; min-width: 100% !important; border: none;\" title=\"Income Required to Keep Home Payments Affordable Hits Record High\u00a0\" src=\"https:\/\/datawrapper.dwcdn.net\/5fX8K\/5\/\" height=\"627\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Bullet Bars\" data-external=\"1\"><\/iframe><script type=\"text\/javascript\">!function(){\"use strict\";window.addEventListener(\"message\",(function(a){if(void 0!==a.data[\"datawrapper-height\"]){var e=document.querySelectorAll(\"iframe\");for(var t in a.data[\"datawrapper-height\"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data[\"datawrapper-height\"][t]+\"px\";e[r].style.height=i}}}))}();\n<\/script><\/p>\n<h2><b>Texas metros top list for improved affordability in 2024; Anaheim and Chicago saw the biggest decreases in affordability<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">In Austin, TX, a household making the $103,717 median income in 2024 would have had to spend 39.6% of their earnings on monthly housing costs if they bought the $444,928 median-priced home there, down from 42.8% in 2023. That was the biggest improvement in affordability among the 50 most populous U.S. metropolitan areas.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Housing construction has <\/span><a href=\"https:\/\/www.census.gov\/construction\/bps\/statemonthly.html\"><span style=\"font-weight: 400;\">boomed<\/span><\/a><span style=\"font-weight: 400;\"> in Texas in recent years, especially during the pandemic when remote workers flocked to more affordable metros in the Sun Belt. With inventory up and demand easing, prices are now starting to fall, leading to improvements in affordability.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Following Austin, the next four metros in order of improved affordability were San Antonio (-2.3 ppts to 35.4% of household income), Dallas (-2 ppts to 38.9%), Fort Worth, TX (-1.6 ppts to 36.7%) and Portland, OR (-1.4 ppts to 45%).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">On the other end of the spectrum is Anaheim, CA, where a household making the $121,925 median income in 2024 would\u2019ve had to spend 75.9% of their earnings on monthly housing costs if they bought the $1,165,965 median-priced home. That\u2019s up from 71.8% in 2023\u2014the biggest jump among the top 50 metros. Next came Chicago (+2 ppts to 34.7%), Miami (+1.7 ppts to 63.1%), Newark, NJ (+1.6 ppts to 48.8%) and San Jose, CA (+1.5 ppts to 73.9%).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Housing affordability worsened in those metros largely because home prices soared. Anaheim posted a 12.4% increase in home prices in 2024\u2014the biggest jump among the major metros\u2014while Chicago (8.6%), Miami (7.9%), Newark (11.3%) and San Jose (8.6%) were among the metros that posted gains higher than the national level (4.8%).<\/span><\/p>\n<h2><b>California leads list of least affordable metros; Rust Belt metros are among most affordable<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The five least affordable major metros are all in California. In Los Angeles, someone making the median income in 2024 would\u2019ve had to spend 77.6% of their earnings on monthly housing costs if they bought the median priced home.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Next came San Francisco (76.2%), Anaheim, CA (75.9%), San Jose, CA (73.9%) and San Diego (67.3%). The least affordable non-Californian metro is New York, where homebuyers on the median income would need to spend 65.9% of their earnings on housing costs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Still, in many areas, buying a home remains relatively affordable\u2014especially in the Rust Belt, where the median home price remains under $300,000 in a number of metros. In Pittsburgh, someone making the median income in 2024 would\u2019ve had to spend 25.3% of their earnings on monthly housing costs if they bought the median priced home\u2014the lowest share among the metros Redfin analyzed and below the 30% threshold. Next came Detroit (25.5%), St. Louis (26%), Cleveland (26.4%) and Warren, MI (28%).\u00a0<\/span><\/p>\n<h2><b>Metro-level summary: 2024<\/b><\/h2>\n<p><i><span style=\"font-weight: 400;\">Table below includes 50 most populous U.S. metropolitan areas; 2024 data covers Jan. 1-November 30 and year-over-year changes compare with the full year of 2023. Median incomes are relative to each metro.<\/span><\/i><\/p>\n<table>\n<tbody>\n<tr>\n<td><b>Metro<\/b><\/td>\n<td><b>Share of median income needed to buy median priced home<\/b><\/td>\n<td><b>YoY change in share of median income needed to buy median priced home<\/b><\/td>\n<td><b>Median sale price<\/b><\/td>\n<td><b>Median monthly housing payment for\u00a0 homebuyers<\/b><\/td>\n<td><b>Median household income\u00a0<\/b><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Anaheim, CA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">75.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">4.1 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,165,965<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$7,715<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$121,925<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Atlanta, GA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">34.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.6 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$397,948<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,711<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$93,843<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Austin, TX\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">39.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-3.2 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$444,928<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,426<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$103,717<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Baltimore, MD\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">29.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.3 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$386,226<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,690<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$108,627<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Boston, MA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">49.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.3 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$722,212<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$5,028<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$121,000<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Charlotte, NC\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">37.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.3 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$402,928<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,680<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$86,105<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Chicago, IL\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">34.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">2 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$348,886<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,756<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$95,304<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Cincinnati, OH\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">28.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">No Change<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$288,029<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,014<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$85,723<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Cleveland, OH\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">26.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.1 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$222,545<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,654<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$75,090<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Columbus, OH\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">33.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.2 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$338,786<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,416<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$87,680<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Dallas, TX\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">38.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-2 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$421,613<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,178<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$97,908<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Denver, CO\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">42.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.9 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$588,520<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,909<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$109,678<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Detroit, MI\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">25.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.4 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$190,592<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,354<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$63,797<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Fort Lauderdale, FL\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">48.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.5 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$449,117<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,154<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$78,411<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Fort Worth, TX\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">36.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.6 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$357,817<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,723<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$89,116<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Houston, TX\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">35.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.2 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$337,651<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,582<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$88,564<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Indianapolis, IN\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">29.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.4 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$302,643<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,084<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$85,883<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Jacksonville, FL\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">37.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.4 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$375,723<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,582<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$83,489<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Kansas City, MO\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.1 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$327,005<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,293<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$89,909<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Las Vegas, NV\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">44.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.6 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$439,359<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,870<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$77,943<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Los Angeles, CA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">77.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.1 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$896,060<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$6,010<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$92,994<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Miami, FL\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">63.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.7 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$547,855<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,765<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$71,592<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Milwaukee, WI\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">33.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.1 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$326,578<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,330<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$83,699<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Minneapolis, MN\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">30.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.6 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$380,941<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,680<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$106,194<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Montgomery County, PA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">33.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.1 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$477,997<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,429<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$123,187<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Nashville, TN\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">39.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.7 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$460,642<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,004<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$90,937<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Nassau County, NY\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">42.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.1 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$685,146<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$5,158<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$144,656<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">New Brunswick, NJ\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">40.6%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.3 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$539,565<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$4,019<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$118,733<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">New York, NY\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">65.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.3 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$737,123<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$5,283<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$96,128<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Newark, NJ\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">48.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.6 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$580,956<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$4,435<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$109,024<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Oakland, CA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">58.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.1 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$959,548<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$6,545<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$135,428<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Orlando, FL\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">41.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$405,668<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,778<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$79,927<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Philadelphia, PA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">32.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.9 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$281,162<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,985<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$72,681<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Phoenix, AZ\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">40.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.6 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$458,169<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,979<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$89,212<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Pittsburgh, PA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">25.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.1 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$234,091<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,681<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$79,688<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Portland, OR\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">45.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.4 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$551,455<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,798<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$101,202<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Providence, RI\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">44.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.2 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$482,896<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,380<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$90,322<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Riverside, CA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">52.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.1 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$578,146<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,927<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$90,479<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Sacramento, CA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">47.7%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.9 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$584,253<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,974<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$99,933<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Antonio, TX\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">35.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-2.3 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$307,166<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,353<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$79,854<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Diego, CA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">67.3%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.6 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$905,463<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$6,064<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$108,115<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Francisco, CA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">76.2%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.9 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,513,699<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$10,122<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$159,316<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">San Jose, CA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">73.9%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.5 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,566,114<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$10,452<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$169,663<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Seattle, WA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">54.1%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.1 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$831,457<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$5,681<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$126,034<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">St. Louis, MO\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">26.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-0.1 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$263,639<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$1,851<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$85,563<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Tampa, FL\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">41.5%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">-1.3 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$376,679<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,598<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$75,057<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Virginia Beach, VA\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">32.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">No Change<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$348,900<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,394<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$88,597<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Warren, MI\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">28.0%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.4 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$309,119<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,198<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$94,048<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Washington, DC\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">34.4%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.1 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$566,940<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,922<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$136,934<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">West Palm Beach, FL\u00a0<\/span><\/td>\n<td><span style=\"font-weight: 400;\">48.8%<\/span><\/td>\n<td><span style=\"font-weight: 400;\">1.5 ppts<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$499,581<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$3,448<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$84,805<\/span><\/td>\n<\/tr>\n<tr>\n<td><b>United States of America<\/b><\/td>\n<td><b>41.8%<\/b><\/td>\n<td><b>-0.3 ppts<\/b><\/td>\n<td><b>$429,734<\/b><\/td>\n<td><b>$2,920<\/b><\/td>\n<td><b>$83,782<\/b><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<h2><b>Methodology:<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">This Redfin analysis estimates monthly housing payments for the typical homebuyer using median home sale prices, monthly mortgage rates (averaging 6.72% through November 2024) and median household incomes, and the assumption of a 15% down payment, principal, interest, taxes and insurance.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To estimate 2024 median household incomes, we multiplied the available 2023 income data by the 2024 wage growth rate. Data for 2024 goes through November, while data from past years spans the full year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When we refer to a record high, we are referencing records dating back to 2012.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>A household earning the median U.S. income would have had to spend 41.8% of their earnings on monthly housing costs to buy the typical home in 2024, a slight improvement from 42.2% in 2022. A homebuyer needed to earn an annual income of at least $116,782 if they wanted to spend no more than 30% [&hellip;]<\/p>\n","protected":false},"author":13568,"featured_media":79078,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[27,8],"tags":[20,623],"dashboard":[],"coauthors":[682,660],"class_list":["post-79077","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-affordability","category-housing-market-news","tag-housing-affordability","tag-national"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Housing Affordability Didn\u2019t Worsen in 2024\u2014The First Time in Four Years That Has Happened<\/title>\n<meta name=\"description\" content=\"A household earning the median U.S. income would have had to spend 41.8% of their earnings on monthly housing costs to buy the typical home in 2024, a slight improvement from 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