Due to inflation eating away at earnings and less supply of affordable housing, the majority of Americans today cannot afford median rent prices, according to a new report by the real estate company Redfin.
The analysis comes as other reports indicate that both homeowners and renters are struggling with high housing costs due to inflationary pressures, an inflated housing market, low supply and demand for affordable housing.
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More cities have hit the $1 million mark amid rising home prices, especially in California.
A year ago, real estate marketplace Zillow found 491 cities where the typical home value was $1 million or more. That number grew to 550 cities this year, according to Zillow.
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The housing market is not immune from inflationary woes as buyer’s purchasing power has significantly diminished in four years. Home buyers in 2024 need 80% more income to purchase a home than they did in 2020, according to a new report by Zillow.
“The income needed to comfortably afford a home is up 80% since 2020, while median income has risen 23% in that time,” the report states. That equates to $47,000 more than four years ago.
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Zillow is closing down its home buying and selling business and laying off 25% of its workforce after the online real estate company missed its third-quarter earnings estimate.
The company announced in a statement attached to its earnings report Tuesday that it would be shutting down its Offers program, which buys and sells houses, after the company reported a net loss, partly due to failures in its Offers division. Zillow attributed the change to its inability to accurately forecast the housing market.
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