What We’re Showing
The share of affordable homes in America, defined as a new listing with a monthly mortgage payment that is no more than 30% of the median monthly income in its county.
Figures are from Redfin, based on analysis of 97 of the largest U.S. metros by population.
Key Takeaway
Only 16% of U.S. homes for sale were affordable in 2023, hitting the lowest point on record.
Soaring home prices, high interest rates, and a decline in listings are major factors impacting affordability.
Affordability Increasingly Out of Reach
In 2021, affordable homes made up 39% of properties for sale, a figure that has dropped sharply in just two years.
With just 0.3% of home listings deemed affordable, Los Angeles, CA, has the lowest share across Redfin's dataset. The city's share of affordable home listings fell by 55% between 2022 and 2023.
By contrast, Detroit, MI, has the highest share, with over 51% of homes for sale considered affordable. Despite this, like the vast majority of the nation’s biggest metros, the share of affordable home listings in Detroit witnessed double-digit annual declines.
Year | Share of Home Listings Affordable on Median Income |
---|---|
2023 | 16% |
2022 | 21% |
2021 | 39% |
2020 | 45% |
2019 | 40% |
2018 | 37% |
2017 | 42% |
2016 | 45% |
2015 | 45% |
2014 | 46% |
2013 | 50% |
An affordable listing has a monthly mortgage payment no more than 30% of the median monthly income of that county.
https://www.redfin.com/news/share-of-homes-affordable-new-2023/