“Only 9% of homes for sale last year were affordable for the typical Black household, compared with 28% for the typical white household and the lowest share of any race in this analysis.”
Only 21% of 2022 listings were affordable for the typical household, down from 40% a year earlier and the lowest on record. Mortgage rates went from 2.65% to 6.65%, and prices still sit 32% above pre-pandemic. Redfin’s economist promises affordability “should improve.” The same page discloses that Rocket Mortgage is a Redfin affiliate. The company that profits when you buy is the one telling you relief is coming.