Vast majority of U.S. homes are unaffordable to the average buyer

Source: CBS News — 

The cost of buying a home is drifting further out of financial reach for the average American, according to a report from Redfin.

The real estate website analyzed homes that went on sale last year and found that only 21% of them were affordable, meaning that nearly 80% of homes were outside the typical buyer’s budget. By comparison, about 60% of homes were considered affordable in 2021, the report released Friday found.

Redfin Deputy Chief Economist Taylor Marr said those stats boil down to one truth: housing affordability is at its lowest point in history.