America’s Affordable Housing Crisis

According to a Redfin Report, a home listing is considered affordable if the estimated monthly mortgage payment is no more than 30% of the local county’s median household income. The chart below illustrates the housing affordability for the time period 2013-2023, in the 97 most populous U.S. metropolitan areas. Only 16% of homes for sale were considered affordable in 2023, the lowest affordability on record. In 2013, 50% of homes for sale were considered affordable.

The chart below shows the top ten decreases in affordability by metros, from 100 of the most populous U.S. metro areas, for 2022 to 2023. Oxnard, California had the largest change in affordability for the year of 2022-2023 at -81.3%. The National Average for the U.S. is a change of -40.9%.
The next chart shows the largest median home values for the fifteen states shown below. Hawaii with the highest median home value at $840,000 and Nevada with the lowest at $418,000.