Home affordability in America dropped to a record low in 2023, according to a report released Thursday by the real estate brokerage firm Redfin.
The Seattle-based company said this year has been the most expensive year for home-buying in its records. A homebuyer making the median U.S. annual income of $78,642 had to spend 41.4% of their total income on housing costs if they bought a median-priced U.S. house ($408,806) in 2023.
