Homebuyers on a budget are more likely to make their home owning dreams a reality in several cities across the U.S., according to a new study from insurance broker Insurify.
In 2024 homes became increasingly more difficult to afford, especially for first-time buyers, due to high mortgage rates and real estate prices, along with low housing stock. In the first half of 2020, thanks to the pandemic, the difference in mortgage refinancing savings between high and low-income borrowers increased by 10. And as of January 2025, the median U.S. home selling price was $418,489, up 7% compared to the previous year, reports Redfin. The number of homes for sale increased by 2.5%.
