Most home listings were unaffordable for the typical household in 2023, real estate brokerage says
CBSN
Most Americans cannot afford to buy the homes listed for sale in the U.S., real-estate brokerage Redfin said in report on Thursday.
An analysis of listings in 97 of the most populous metropolitan areas in the country found that just 15.5% of homes for sale in 2023 were affordable for the typical U.S. household. That's a decrease from last year, when Redfin found that 21% of homes listed for sale were affordable for the typical buyer.
Redfin defines affordability based on the estimated mortgage payment equaling 30% or less of the average monthly income of residents in the local county.
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