Number of affordable listings falls

Source: Unsplash

The number of affordable listings fell 53% from a year earlier in 2022, according to a Redfin analysis of the top 100 U.S. markets. In 2022, 21% of homes for sale were affordable for the typical household, the lowest share on record. A listing is considered affordable if the estimated mortgage payment is <30% of the local area’s median income.

Here are the markets with the most affordable homes right now:

1. Akron, OH

2. St. Louis, MO

3. Detroit, MI

4. Cleveland, OH

5. Dayton, OH

6. Pittsburgh, PA

7. Elgin, IL

8. Rochester, NY

9. Lake County, IL

10. Cincinnati, OH

Our Take

Affordability is going to be a factor we will see come up often this year. Understand what options you, as a buyer have, and make sure you can afford the mortgage.

If you’re planning to buy or selling your house, work with a real estate professional so you have the expert insights you need to make the best possible move today and we would love to assist, please fill out the form below.

WHO IS RI PRASAD LUXURY GROUP?

We are one of Chicago’s leading providers of comprehensive real estate services. We are home to an ever-growing team of savvy & reputable local realtors who are community leaders, and customer-service-oriented staff. Whether you’re looking to find a new home, sell your home, or invest in your future; let us be your trusted real estate advisors.

“Real Estate isn’t just a profession, it is truly a obsession” - Ri Prasad