A new report reveals that Americans earning the median income face a significant housing affordability challenge, with many spending over 40% of their salary on a median-priced home. The situation is particularly dire in California, where five cities require homebuyers to dedicate at least 67% of their income to housing.
Nationwide, Americans earning the median income need to spend 41.8% of their salary on housing to afford to own a median-priced home,. Redfin's calculations assume a 6.72% mortgage rate and 15% down payment, and use household income data from the U.S. Census Bureau for 2023, adjusted for 2024 wage growth.
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HOUSING AFFORDABILITY CALIFORNIA REAL ESTATE MARKET INCOME
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