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Report Shows: Most Americans Will Be Unable to Afford Housing Prices in 2023
Report Shows: Most Americans Will Be Unable to Afford Housing Prices in 2023 旧金山
By   Internet
  • 都市报
  • Real Estate Report
  • Home Prices
  • Housing Market Survey
Abstract: According to a report released by the U.S. real estate brokerage firm Redfin, most Americans will be unable to afford the housing prices listed for sale in 2023.

Redfin defines affordability as mortgage monthly payments equivalent to or below 30% of the local residents' average monthly income. The National Association of Realtors (NAR) has also stated that moderate-income families with an annual income of less than $75,000 can only afford 23% of the listed homes for sale in the United States.


Real estate data provider ATTOM investigated median home prices in approximately 575 counties across the U.S. in 2022 and found that in 99% of these areas, home prices exceeded what the average earner with an annual income of $71,214 could afford.


In 2023, the situation of housing demand outpacing supply is further exacerbated. Realtor.com reported in June that, compared to the same period in 2022, 21 out of 50 metropolitan areas experienced a decrease in the number of homes available for sale.

Report Shows: Most Americans Will Be Unable to Afford Housing Prices in 2023

Simultaneously, the surge in mortgage interest rates has resulted in fewer homeowners listing their properties for sale. Concerns about having to bear interest rates of 7% or even higher when purchasing a new home, more than double the rates during the pandemic, have contributed to the decrease in housing inventory, intensifying competition among buyers and driving up prices.


However, there is some positive news expected in 2024. Realtor.com data indicates a 7.5% year-over-year increase in housing inventory in November. With more properties entering the market, competition among buyers may intensify, potentially leading to a decrease in housing prices.


Furthermore, after reaching the highest levels in 20 years in the fall of 2023, mortgage interest rates have slowly started to decline. As of December 21, the 30-year fixed-rate has been below 7% for the second consecutive week, marking a downward trend after 17 weeks of being above 7%.


"Lower rates have enticed some potential homebuyers who were previously on the sidelines to re-enter the market, and builders are beginning to feel the positive impact," stated Realtor.com. "Homebuilder confidence is on the rise, and new-home construction subsequently reached its highest level since May, indicating a positive response to the growing demand, despite the current low inventory."

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Report Shows: Most Americans Will Be Unable to Afford Housing Prices in 2023
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