Today, Redfin is making it a little easier to see the potential in your future home! Introducing Redfin Redesign, an AI-powered tool that lets you change the appearance of walls, floors and countertops in home photos.
A homebuyer with the median U.S. income would’ve had to spend a record 41% of earnings on monthly housing costs in 2023, up from 39% in 2022 and 31% in 2021.
Homebuying is becoming more affordable as mortgage rates continue declining. The median U.S. housing payment was $2,561 during the four weeks ending December 3, down $177 from the record high it hit in October.
Listings will rise and prices and rates will fall. But high housing costs will remain a problem for young families, which will increase demand for large rentals and force President Biden to make affordability a cornerstone of his reelection bid.
