this post was submitted on 03 May 2025
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A homebuyer now needs to earn at least $114,000 a year to afford a $431,250 home -- the national median listing price in April, according to data released Thursday by Realtor.com

The analysis assumes that a homebuyer will make a 20% down payment, finance the rest of the purchase with a 30-year fixed-rate mortgage, and that the buyer’s housing costs won’t exceed 30% of their gross monthly income — an often-used barometer of housing affordability.

Based off the latest U.S. median home listing price, homebuyers need to earn $47,000 more a year to afford a home than they would have just six years ago. Back then, the median U.S. home listing price was $314,950, and the average rate on a 30-year mortgage hovered around 4.1%. This week, the rate averaged 6.76%.

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[–] blarghly@lemmy.world 2 points 1 week ago (1 children)

https://www.texastribune.org/2025/01/22/austin-texas-rents-falling/

As in many other major cities, existing homeowners and neighborhood groups that opposed allowing more homes to be built for decades held significant sway at Austin City Hall. But those forces lost favor amid the city’s skyrocketing housing costs during the pandemic. Austin voters elected City Council members — including Vela — more friendly to housing development.

Now, Austin is one of the only major U.S. cities where rents are falling.

[–] TheDemonBuer@lemmy.world 0 points 1 week ago

Well, that sounds great, then. I still think you're being naive, and that you're putting too much faith in the invisible hand of the free market, but, as I've said several times now, I'm not opposed to upzoning. Not at all. By all means, go for it.