Redfin Reports the Income Needed to Afford a Home Declined For Seventh Straight Month in April
Redfin, a subsidiary of Rocket Companies, reported that the income needed to afford a typical U.S. home fell to $116,780 in April, a 2% decline year-over-year. This marks the seventh consecutive month of improving affordability, driven by a drop in the average 30-year fixed mortgage rate to 6.33% and a 4% rise in median household income. Despite the improvement, the required income remains $29,000 above the typical U.S.
Key figures
- Median household income
- 87599
- Mortgage rate april avg
- 6.33%
- Affordable listing share
- 33%
- Income needed yoy change
- -2%
- Income needed to afford home
- 116780
- Median home price yoy change
- 2.4%
- Mortgage rate may weekly avg
- 6.51%
- Mortgage rate april prior year
- 6.73%
- Median household income yoy change
- 4%
- Affordable listing share prior year
- 29%
AI analysis
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