US housing affordability improves nationally, but persists in high-cost cities like New York, Miami, and Los Angeles.
Housing affordability in the US shows signs of improvement nationally, as mortgage rates reach their lowest level since May 2023, and home price growth slows. However, unaffordability persists in cities such as New York, Miami, and Los Angeles, where median rents are extremely high and renters allocate more than 30% of their income to housing. In contrast, regions like Tampa, Florida; Denver; and Minneapolis have seen declining shelter costs, thanks to increased home construction. Despite improved national trends, housing affordability challenges remain significant in high-cost cities like New York, where renters dedicate about 58% of their income towards rent during the second quarter.
August 27, 2024
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