This year has been one of the least affordable homebuying years on record, with individuals having to spend over 40 percent of their monthly income on housing costs, according to a recent report by real estate brokerage Redfin.
“A perfect storm of inflation, high prices, soaring mortgage rates, and low housing supply caused 2023 to go down as the least affordable year for housing in recent history,” Redfin senior economist Elijah de la Campa said in a Dec. 7 press release. An individual making the median U.S. income of $78,642 would have had to spend 41.4 percent of their monthly earnings on housing costs if they bought a median-priced home worth $408,806.
