Affordable U.S. Homes Hit Record Lows

What We’re Showing

The share of affordable homes in America, defined as a new listing with a monthly mortgage payment that is no more than 30% of the median monthly income in its county.

Figures are from Redfin, based on analysis of 97 of the largest U.S. metros by population.

Key Takeaway

Only 16% of U.S. homes for sale were affordable in 2023, hitting the lowest point on record.

Soaring home prices, high interest rates, and a decline in listings are major factors impacting affordability.

Affordability Increasingly Out of Reach

In 2021, affordable homes made up 39% of properties for sale, a figure that has dropped sharply in just two years. 

With just 0.3% of home listings deemed affordable, Los Angeles, CA, has the lowest share across Redfin's dataset. The city's share of affordable home listings fell by 55% between 2022 and 2023.

By contrast, Detroit, MI, has the highest share, with over 51% of homes for sale considered affordable. Despite this, like the vast majority of the nation’s biggest metros, the share of affordable home listings in Detroit witnessed double-digit annual declines.