Blog > Is the Housing Affordability Bottom Behind Us?
Is the Housing Affordability Bottom Behind Us?
It’s not exactly front-page news that 2023 was a year of record-low housing affordability. But it still helps to put a number to the actual share of listed homes that were affordable to the typical U.S. homebuyer.It helps even more to know that the worst of it is most likely behind us. According to the latest report from Redfin, that share is 15.5%, down from 20.7% in 2022 and more than 40% below pre-pandemic levels.
That 15.5% is the lowest share on record and likely the lowest we’ll see for some time as housing economists forecast improved affordability in 2024 due to falling mortgage rates and more homes going on the market.
The number of affordable homes also hit bottom in 2023, down nearly 41% from 2022. What did you see last year and what do you think that means for the new year? I'd love to hear your thoughts!
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Haley Team
Director of Agent Success & Client Experience
Director of Agent Success & Client Experience