Home affordability slightly improved in 2024, with Texas metros seeing the most gains.
Buying a home became more affordable in 2024, but only by the slimmest of margins, according to a new study. Real Estate company Redfin’s analysis estimated monthly housing payments for the typical homebuyer using median home sale prices, monthly mortgage rates, median household incomes and the assumption of a 15% down payment.According to the study, last year was still the second least affordable homebuying year on record, surpassed only by 2023.
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. Redfin cited housing construction which boomed in Texas in recent years, especially during the COVID-19 pandemic when remote workers flocked to more affordable metros in the Sun Belt.
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