A new report from real estate brokerage Redfin says housing affordability did not worsen for the first time in four years. However, homeownership is still out of reach for many Americans.
Redfin economists concluded that homebuyers needed an annual income of $116,782 to limit their monthly housing payments to 30 percent of their earnings. This is an all-time high and $33,000 higher than the typical household earns yearly.
The U.S. real estate market continues to wrestle with challenges, such as the golden handcuff effect of ultra-low mortgage rates and ballooning construction costs.
Industry experts conclude that a shortage of homes has contributed significantly to the deterioration of housing affordability….