A homebuyer with the median U.S. income would’ve had to spend a record 41% of earnings on monthly housing costs in 2023, up from 39% in 2022 and 31% in 2021.
The least affordable markets were Anaheim and San Francisco, where homebuyers with the typical local income would’ve needed to spend over 80% of their pay on monthly housing costs. Detroit and Pittsburgh were the most affordable.
Austin was the only market that was more affordable for homebuyers in 2023 than in 2022.
Affordability should improve in 2024 as home prices and mortgage rates tick down.
2023 has been the least affordable year to buy a home in Redfin’s records, but things are looking up for 2024.
Someone making the $78,642 median U.S. income in 2023 would’ve had to spend 41.4% of their earnings on monthly housing costs if they bought the $408,806 median-priced U.S. home. That’s the highest share on record and is up from 38.7% in 2022.
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The 50 Best Places to Live in the U.S. | 2022—2023
With warm, dry summers and mild, wet winters that evoke images of the Mediterranean, the so-called “Birthplace of California” certainly isn’t the worst place to put down roots. San Diego boasts the ideal climate to enjoy the city’s miles of world-class beaches, 340 parks and 40,000 acres of wide open space...... San Diego is also home to the Pacific Fleet of the U.S. Navy, and the naval base is one of the largest employers in the city. But the area is also home to a number of IT communications companies, including Qualcomm and Nokia, as well as a growing number of healthcare and biotechnical companies, all of which offer ample employment opportunities. While the housing market in California is generally more expensive compared to the rest of the country, home prices in San Diego are more affordable than in other large cities like San Francisco and Los Angeles.The city enjoys a good school system and is home to a branch of the University of California, which ranked #7 in Money’s 10 Best Colleges in California and #12 in our list of the 25 Best Colleges in America. — Leslie Cook
SAN DIEGO — San Diegans are looking elsewhere to live, according to a Redfin report that placed America’s Finest City as the No. 10 metropolitan area where homebuyers are leaving.
The real estate company analyzed about two million of its users who viewed for-sale home online across more than 100 metro areas from August to October.
Las Vegas was the top destination and top out-of-state destination in San Diego home searches, the study revealed. In October, the median price of a house in San Diego was $914,000, compared to $412,000 in Las Vegas, per Redfin.
