Redfin Reports Buying a Starter Home Is Now Cheaper Than It Was a Year Ago
Redfin reports that buying a starter home is now cheaper than it was a year ago. U.S. homebuyers need to earn $76,995 annually to afford the median-priced starter home ($250,000), down 0.4% year over year. This is the first annual decline since August 2020, primarily due to lower mortgage rates offsetting the 4.2% increase in starter-home prices.
However, starter homes are still much less affordable than before the pandemic. The typical household earns $83,853 per year, 8.9% more than needed for a median-priced starter home. This is an improvement from last August but a significant setback from pre-pandemic levels. In August 2019, households earned 57.1% more than needed, and in August 2012, they earned 113% more.
The report highlights that pandemic boomtowns are seeing the steepest drops in income needed to afford a starter home, with Anaheim, CA experiencing the largest decline at 8.1% year over year. Four metros, all in Texas or Florida, have seen starter homes go from unaffordable to affordable in the past year.
Redfin riporta che l'acquisto di una casa per le famiglie è ora più conveniente rispetto a un anno fa. I compratori di case negli Stati Uniti devono guadagnare $76,995 all'anno per permettersi la casa per le famiglie con prezzo mediano ($250,000), in calo dello 0,4% rispetto all'anno precedente. Questa è la prima diminuzione annuale da agosto 2020, principalmente a causa di tassi di interesse più bassi che compensano l'aumento del 4,2% dei prezzi delle case per le famiglie.
Tuttavia, le case per le famiglie sono ancora molto meno accessibili rispetto a prima della pandemia. La famiglia tipica guadagna $83,853 all'anno, l'8,9% in più rispetto a quanto necessario per una casa per le famiglie con prezzo mediano. Questo rappresenta un miglioramento rispetto allo scorso agosto, ma è un notevole passo indietro rispetto ai livelli pre-pandemia. Ad agosto 2019, le famiglie guadagnavano il 57,1% in più rispetto a quanto necessario, e ad agosto 2012 guadagnavano il 113% in più.
Il rapporto evidenzia che le città in crescita durante la pandemia stanno vedendo i cali più ripidi nel reddito necessario per permettersi una casa per le famiglie, con Anaheim, CA che sperimenta la maggiore riduzione con un calo dell'8,1% rispetto all'anno precedente. Quattro aree metropolitane, tutte in Texas o in Florida, hanno visto le case per le famiglie passare da inaccessibili a accessibili nell'ultimo anno.
Redfin informa que comprar una casa inicial ahora es más barato que hace un año. Los compradores de vivienda en EE. UU. necesitan ganar $76,995 anuales para poder costear la casa inicial de precio mediano ($250,000), una reducción del 0.4% año tras año. Esta es la primera disminución anual desde agosto de 2020, principalmente debido a tasas hipotecarias más bajas que compensan el aumento del 4.2% en los precios de las casas iniciales.
Sin embargo, las casas iniciales aún son mucho menos asequibles que antes de la pandemia. El hogar típico gana $83,853 al año, un 8.9% más de lo necesario para una casa inicial de precio mediano. Esto representa una mejora con respecto al agosto pasado, pero un revés significativo en comparación con los niveles anteriores a la pandemia. En agosto de 2019, los hogares ganaban un 57.1% más de lo necesario, y en agosto de 2012, ganaban un 113% más.
El informe destaca que las ciudades que crecieron durante la pandemia están viendo las caídas más pronunciadas en el ingreso necesario para poder comprar una casa inicial, siendo Anaheim, CA, la que experimenta la mayor disminución con un 8.1% menos en comparación con el año anterior. Cuatro áreas metropolitanas, todas en Texas o Florida, han visto casas iniciales pasar de inasequibles a asequibles en el último año.
레드핀은 이제 시작하는 주택을 사는 것이 작년보다 저렴하다고 보고합니다. 미국의 주택 구매자는 중간 가격의 시작하는 주택($250,000)을 구매하기 위해 연간 $76,995를 벌어야 하며, 이는 지난해 대비 0.4% 감소한 수치입니다. 이는 2020년 8월 이후 처음으로 연간 감소한 것으로, 주로 주택 담보 대출 금리가 4.2% 상승한 시작 주택 가격을 상쇄하기 때문에 발생한 것입니다.
그러나 시작 주택은 여전히 팬데믹 이전보다 훨씬 덜 저렴합니다. 일반 가구는 연간 $83,853를 벌어 평균 가격의 시작 주택을 위해 필요한 금액보다 8.9% 더 많습니다. 이는 지난 8월보다 개선된 것이지만, 팬데믹 이전의 수준에 비하면 큰 후퇴입니다. 2019년 8월에는 가구가 필요한 것보다 57.1% 더 많은 수입을 올렸고, 2012년 8월에는 113%를 더 벌었습니다.
보고서는 팬데믹 동안 급성장한 도시들이 시작 주택을 구매하기 위해 필요한 소득의 가장 급격한 하락을 경험하고 있다고 강조합니다. 캘리포니아 애너하임이 지난해 대비 8.1%로 가장 큰 감소를 경험하고 있습니다. 텍사스와 플로리다의 4개 대도시는 지난 1년 사이에 시작 주택이 비쌌던 것에서 저렴해지는 과정을 겪었습니다.
Redfin signale que l'achat d'une maison pour premier achat est désormais moins cher qu'il y a un an. Les acheteurs de maisons aux États-Unis doivent gagner 76 995 $ par an pour pouvoir se permettre la maison moyenne pour premier achat ($250 000), en baisse de 0,4 % par rapport à l'année dernière. C'est la première baisse annuelle depuis août 2020, principalement en raison de baisse des taux hypothécaires qui compense l'augmentation de 4,2 % des prix des maisons d'entrée de gamme.
Cependant, les maisons pour premier achat sont encore beaucoup moins abordables qu'avant la pandémie. Le ménage typique gagne 83 853 $ par an, soit 8,9 % de plus que nécessaire pour une maison pour premier achat de prix médian. C'est une amélioration par rapport à août dernier, mais un revers significatif par rapport aux niveaux d'avant la pandémie. En août 2019, les ménages gagnaient 57,1 % de plus que nécessaire, et en août 2012, ils gagnaient 113 % de plus.
Le rapport souligne que les villes en plein essor pendant la pandémie connaissent les plus fortes baisses de revenu nécessaires pour se permettre une maison pour premier achat, Anaheim, en Californie, connaissant la plus forte baisse avec 8,1 % en glissement annuel. Quatre zones métropolitaines, toutes au Texas ou en Floride, ont vu les maisons pour premier achat passer d'inaccessibles à accessibles au cours de l'année dernière.
Redfin berichtet, dass der Kauf eines Starterhauses jetzt günstiger ist als vor einem Jahr. US-Hauskäufer müssen jährlich $76,995 verdienen, um sich das medianpreisige Starterhaus ($250,000) leisten zu können, was einem Rückgang von 0,4 % im Jahresvergleich entspricht. Dies ist der erste jährliche Rückgang seit August 2020, hauptsächlich aufgrund von niedrigeren Hypothekenzinsen, die den Preisanstieg von 4,2 % bei Starterhäusern ausgleichen.
Allerdings sind Starterhäuser immer noch viel weniger erschwinglich als vor der Pandemie. Der typische Haushalt verdient $83,853 pro Jahr, 8,9 % mehr als notwendig für ein medianpreisiges Starterhaus. Dies stellt eine Verbesserung im Vergleich zum letzten August dar, ist jedoch ein bedeutender Rückschritt im Vergleich zu den Vor-Pandemie-Niveaus. Im August 2019 verdienten Haushalte 57,1 % mehr als nötig, und im August 2012 waren es 113 % mehr.
Der Bericht hebt hervor, dass Pandemie-Boomtowns die größten Rückgänge beim erforderlichen Einkommen zur Finanzierung eines Starterhauses verzeichnen, wobei Anaheim, Kalifornien den größten Rückgang von 8,1 % im Jahresvergleich erlebt. Vier Metropolregionen, alle in Texas oder Florida, haben in den letzten Jahren gesehen, dass Starterhäuser von unbezahlbar zu erschwinglich kamen.
- First annual decline in income needed to afford a starter home since August 2020
- Mortgage rates dropped enough to offset the 4.2% increase in starter-home prices
- 75.8% of starter-home listings are affordable for a household making the median income, up from 72.6% last August
- Four major metros (in Texas and Florida) saw starter homes become affordable in the past year
- Starter-home prices are up 4.2% year over year
- Income needed to afford a starter home is only 3.6% below the record high of $79,857 hit last fall
- Starter-home affordability may not improve much more in the near future
- Starter-home prices are 51.1% higher than in August 2019 and 163% higher than in August 2012
- Income needed to afford a starter home has tripled since 2012, while median household income hasn't even doubled
Insights
The report highlights a significant shift in starter home affordability, with the income needed to afford a median-priced starter home decreasing for the first time since August 2020. This is primarily due to a drop in mortgage rates, which offset the 4.2% year-over-year increase in starter home prices. However, it's important to note that affordability remains challenging compared to pre-pandemic levels.
Key points:
- Income needed for a median-priced starter home (
$250,000 ) is now$76,995 , down0.4% year-over-year - Starter home prices are up
51.1% since August 2019 and163% since August 2012 - Only
75.8% of starter-home listings are affordable for median-income households, down from nearly100% in 2019 and 2012 - Four major metros, all in Texas or Florida, saw starter homes transition from unaffordable to affordable in the past year
This data suggests a slight easing in the market for first-time buyers, but long-term affordability challenges persist. The changing definition of a "starter home" also indicates a shift in market dynamics and buyer expectations.
The report reveals a complex picture of the U.S. housing market, particularly for starter homes. While there's a marginal improvement in affordability, it's essential to contextualize this within broader economic trends:
- The income-to-home price ratio has significantly worsened since 2012, with the income needed to afford a starter home tripling while median household income hasn't even doubled
- Regional disparities are stark, with pandemic boomtowns like Anaheim, Austin and West Palm Beach seeing the largest drops in income needed for starter homes
- Midwest markets are experiencing rapid price growth, potentially due to an influx of buyers seeking affordability
- The typical household now earns only
8.9% more than needed for a starter home, compared to57.1% in 2019
These trends suggest a fundamental shift in housing affordability that goes beyond short-term mortgage rate fluctuations. The changing nature of starter homes and the widening gap between home prices and incomes point to deeper structural issues in the housing market that may require policy interventions to address.
There are four major metros where the typical starter home went from unaffordable to affordable in the last year. They’re all in
Starter-home prices are up
“It’s great news that starter homes are becoming a little more affordable, but there’s a catch,” said Redfin Senior Economist Elijah de la Campa. “Starter homes aren’t what they used to be. A decade ago, a turnkey four-bedroom house in a nice neighborhood was often considered a starter home, but today, a small fixer-upper condo is often all a first-time homebuyer can afford. The American Dream is changing; for many, it no longer involves a house and a white picket fence.”
House hunters should be aware that starter-home affordability may not improve much more, if at all, in the near future. The Federal Reserve’s latest interest rate cut and its plans for future cuts were highly anticipated, meaning they’re mostly priced into mortgage rates already. When the Fed cuts short-term interest rates, long-term rates like mortgage rates don't always move down nearly as much. Home prices also tend to rise over time, so waiting to buy likely means a higher price tag and down payment.
Both Kamala Harris and Donald Trump have said they want to make homes more affordable, so buyers may get more clarity on how the next president will tackle the housing affordability crisis come November.
Starter Homes Are Much Less Affordable Than They Were Before the Pandemic
The typical household earns an estimated
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Housing prices skyrocketed during the pandemic home buying frenzy as a severe shortage of homes for sale coincided with a surge in demand that was fueled by record-low mortgage rates. Starter-home prices are now
Three-quarters (
“While many people make enough on paper to afford a starter home, they often have other expenses like student debt that are preventing them from buying,” said Blakely Minton, a Redfin Premier real estate agent in
“Starter-home buyers are skewing older than they used to. When I first started working in real estate 20 years ago, they were kids fresh out of college. Now grads are saddled with huge student loans and are moving back in with Mom and Dad or renting,” Minton said. “I bought my first house at 23, but that’s hard to do today, in part because first-time buyers are competing with older Americans who want to downsize and are able to make higher offers.”
A household on the median income would need to spend
A household earning only
Pandemic Boomtowns See Steepest Drops in Income Needed to Afford a Starter Home
In
Home prices in many of the aforementioned metros soared during the pandemic as scores of out-of-towners moved in, but are now coming back down to earth. Starter-home prices in
It’s worth noting that
In Four Metros, Starter Homes Went From Unaffordable in 2023 to Affordable in 2024
There were four metros where starter homes went from unaffordable in 2023 to affordable in 2024, meaning a household on the median income would now need to spend less than
In
The Midwest Is Home to Three of Five Metros With Biggest Increases in Income Needed to Afford a Home
In
These metros have seen some of the biggest jumps in home prices, which is driving up the income needed to afford a home. Starter-home prices in
Many homebuyers have flocked to the Midwest in recent years because it’s known to be more affordable. That influx of demand has helped push up home prices.
To view the full report, including charts, please visit: https://www.redfin.com/news/income-needed-to-afford-starter-home-declines
About Redfin
Redfin (www.redfin.com) is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can have our renovations crew fix it up to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than
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For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin's press release distribution list, email press@redfin.com. To view Redfin's press center, click here.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240930124818/en/
Redfin Journalist Services:
Tana Kelley
press@redfin.com
Source: Redfin
FAQ
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