Housing Market News
Affordability
The Typical Homebuyer’s Down Payment Is $56,000, Up 24% From a Year Ago
Over one-third of home purchases in February were made in all cash—not far from the record high. The median down payment for U.S. homebuyers was
First-Time Buyers Must Make $76,000 to Afford the Typical U.S. Starter Home–Up 8% From a Year Ago
Buyers must earn nearly twice as much as before the pandemic to afford the typical starter home, due to the one-two punch of high prices
The Typical Household Earns Roughly $30,000 Less Than Needed to Afford the Median-Priced Home—But That’s an Improvement From Last Year
Buyers need to earn $114,000 to afford the typical U.S. home—35% more than the typical household makes. But that’s an improvement from October, when buyers
Redfin Home Price Index: Prices Rose 0.6% in February, Marking Return to Pre-Pandemic Norm
While mortgage rates remain elevated, they’re not as volatile as they were at the height of the pandemic, which has helped stabilize home price growth.
Majority of U.S. Homeowners and Renters Say Housing Affordability Affects Their Pick for President
Meanwhile, nearly two-thirds of respondents to a new Redfin survey say housing affordability makes them feel negative about the economy. More than half (53.2%) of
The U.S. Housing Market Gained $2 Trillion in Value Over the Last Year
The total value of U.S. homes jumped 5%, the biggest gain in nearly a year, as a shortage of houses for sale propped up values.
Redfin Survey: 1 in 5 Millennial Respondents Believe They’ll Never Own a Home
Roughly one in 10 Gen Z respondents believe they’ll never own a home. Affordability is the number-one barrier to homeownership for young Americans: About half
The Typical Teacher Can Afford Just 12% of Homes for Sale Near Their School, Down From 30% in 2019
In San Jose and San Diego, no homes for sale near the schools Redfin analyzed are affordable on the local teacher’s median salary. Just three
U.S. Housing Market Recovers the Nearly $3 Trillion It Lost, Hitting Record $47 Trillion in Total Value
The total worth of U.S. homes hit a record $47 trillion in June as a scarcity of houses for sale propped up values. Affordable markets
There Are Only Four Major U.S. Metro Areas Where It’s Cheaper to Buy a Home Than Rent
Buying is more affordable than renting in Detroit, Philadelphia, Cleveland and Houston. The largest homeownership premium is in the Bay Area, where it’s twice as
Roughly 1 in 4 Homes for Sale in Austin and Seattle Cost Less Than They Would Have a Year Ago
Some homebuyers in pandemic boomtowns and expensive coastal markets have lower monthly housing costs than they would have a year ago. That’s because home prices
Nearly Half of Home Sellers Are Making Concessions to Woo Buyers
Sellers are offering to cover the cost of repairs, mortgage-rate buydowns and closing costs as rising interest rates dampen homebuyer demand. Pandemic boomtowns and pricey
