First-Time Buyers Must Make $76,000 to Afford the Typical U.S. Starter Home–Up 8% From a Year Ago
Redfin Corporation (RDFN)
Last redfin corporation earnings: 2/12 04:01 pm
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Source: Business Wire
Buyers must earn nearly twice as much as before the pandemic to afford the typical starter home, due to the one-two punch of high prices and mortgage rates. One sliver of hope: Affordability of starter homes is slowly improving after hitting a low point at the end of 2023. SEATTLE--(BUSINESS WIRE)--(NASDAQ: RDFN) — Homebuyers must earn $75,849 annually to afford the typical U.S. starter home as of February, up 8.2% ($5,767) from a year earlier, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. The monthly housing payment for the typical U.S. starter home was $1,896 in February, also up 8.2% from a year earlier.The income necessary to buy starter homes is increasing from a year ago due to rising prices and mortgage rates: The typical starter home sold for $240,000 in February, up 3.4% year over year, and the average 30-year fixed mortgage rate was 6.78%, up from 6.26% a year earlier.Starter homes are roughly half as affordable as they
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News
- 15 Best Places to Retire in Oregon [Yahoo! Finance]Yahoo! Finance
- Redfin Reports Home Prices Stagnate in Florida and Texas as Supply SoarsBusiness Wire
- Redfin Reports Buying a Home Costs More Than Ever, With Prices Hitting All-Time High and Mortgage Rates RisingBusiness Wire
- Redfin to Announce First-Quarter 2024 Results on May 7, 2024Business Wire
- Nearly 40% of Homeowners Couldn’t Afford Their Home If They Were to Buy It TodayBusiness Wire
RDFN
Earnings
- 2/27/24 - Beat
RDFN
Sec Filings
- 4/26/24 - Form 3
- 4/25/24 - Form ARS
- 4/25/24 - Form DEFA14A
- RDFN's page on the SEC website