The insane housing market refuses to slow down. A new report from Redfin found that 2023 was the least affordable year for homebuying in the past 11 years.
One city stands alone though as the only city in the entire nation to become more affordable to live in in 2023: Austin.
Yeah, we're surprised, too.
According to Redfin, someone making the median income in the U.S. of $78,642 would've had to spend more than 40% of their income on monthly housing costs if they bought the median-priced home, which was around $400,000. That's the highest share in Redfin's records which date back to 2012.
For 2023, the share Austin buyers had to pay for their homes actually decreased by 1%! The most expensive metros proved to be in California: Anaheim, San Francisco, and San Jose.
According to the data, home affordability should improve in 2024 as "home prices and mortgage rates tick down."
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