Homebuying Affordability Is Improving in These 11 Places
Photo by Dillon Kydd
A recent Redfin report indicates that while the income needed to afford a median-priced U.S. home has remained largely unchanged at around $112,131, affordability is improving in 11 major metropolitan areas. Most of these metros are Sun Belt boomtowns where home prices are declining due to increased inventory. The report notes that the typical U.S. household still earns roughly $25,000 less than the required income to afford a typical home, but the percentage of earnings needed for housing has slightly decreased. The report also points out that while affordability is improving in these specific areas, cities like Detroit and Cleveland are seeing the biggest increases in the income needed to afford a home.
For a detailed breakdown by state, read the full article here.
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Fintech Founder at My Home Pathway. VC Backed Startup. Financial Inclusion Leader and Speaker.
Risk and project management professional with experience in Federal Reserve banking regulations, risk management policies as well as risk management advisory services. Critical skills include credit risk analysis, capital markets, strategic planning, current state assessments and target operating models. Ability to assess evolving regulatory guidelines and potential impact on financial services organizations operationally and strategically.
Mr. Johnson received his Bachelor of Science in Management and International Business from Penn State University where he was a Bunton Waller Scholar and Division 1 athlete and his MBA in Finance and Accounting from New York University.
