{"id":990184,"date":"2026-08-05T08:31:15","date_gmt":"2026-08-05T12:31:15","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-affordability-for-u-s-starter-homes-improves-slightly-faster-than-overall-market\/"},"modified":"2026-08-05T08:31:15","modified_gmt":"2026-08-05T12:31:15","slug":"redfin-reports-affordability-for-u-s-starter-homes-improves-slightly-faster-than-overall-market","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-affordability-for-u-s-starter-homes-improves-slightly-faster-than-overall-market\/","title":{"rendered":"Redfin Reports Affordability For U.S. Starter Homes Improves Slightly Faster Than Overall Market"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<ul type=\"disc\">\n<li>\n          <i>The income needed to afford a typical U.S. starter home is down 1.5% from a year ago, marking eight straight months of declines as price growth cools.<\/i>\n        <\/li>\n<li>\n          <i>The median U.S. household now earns about $17,000 more than what&#8217;s needed to afford a starter home, up from $12,500 a year ago.<\/i>\n        <\/li>\n<li>\n          <i>Austin leads the nation in improving starter-home affordability, while Detroit, Philadelphia and Cleveland are becoming less affordable\u2014though typical local households can still generally afford starter homes.<\/i>\n        <\/li>\n<\/ul>\n<p>\n        <span class=\"legendSpanClass\">SEATTLE<\/span>, <span class=\"legendSpanClass\">Aug. 5, 2026<\/span> \/PRNewswire\/ &#8212; Americans need to earn $70,693 to afford the typical U.S. starter home, down 1.5% from a year ago, according to a new <a href=\"https:\/\/edge.prnewswire.com\/c\/link\/?t=0&amp;l=en&amp;o=4746085-1&amp;h=3000813344&amp;u=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fstarter-home-affordability-improving-2026%2F&amp;a=report\" target=\"_blank\" rel=\"nofollow\">report<\/a>\u00a0from <a href=\"https:\/\/edge.prnewswire.com\/c\/link\/?t=0&amp;l=en&amp;o=4746085-1&amp;h=2028392789&amp;u=https%3A%2F%2Fwww.redfin.com%2F&amp;a=Redfin\" target=\"_blank\" rel=\"nofollow\">Redfin<\/a>, the real estate brokerage powered by Rocket. The income needed to afford a starter home\u2014those in the 5th to 35th percentile for sale prices\u2014has been falling since November 2025.<\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n          <img decoding=\"async\" src=\"https:\/\/mmx.prnewswire.com\/media\/MS690711\/Redfin-Powered-by-Rocket-Logo.jpg?id=OA2825381\" title=\"Redfin, a leading digital real estate brokerage, is now part of Rocket Companies\" alt=\"Redfin, a leading digital real estate brokerage, is now part of Rocket Companies\" \/>\n        <\/p>\n<\/p><\/div>\n<p>But the declines are shrinking; in January, for instance, the income needed to afford a starter home fell 5.3% year over year. That&#8217;s largely because mortgage rates have risen throughout 2026, pushing up housing costs.<\/p>\n<p>Redfin considers a home affordable if a buyer taking out a mortgage would spend no more than 30% of their income on their monthly housing payment. Starter homes are those in the 5th to 35th percentile for sale prices. This is based on a Redfin analysis of median home sale prices, prevailing mortgage rates and property-tax payments, and assumes a 15% down payment. This report focuses on June 2026\u2014the most recent period for which data is available.<\/p>\n<p>The typical American household earns an estimated $87,599, about $17,000 more\u00a0than what&#8217;s needed to buy the median-priced U.S. starter home. That gap is widening: A year ago, the typical American earned roughly $12,500 more than they needed to buy a starter home.<\/p>\n<p>Affordability is improving more for entry-level homes than for the housing market as a whole. Americans need to <a href=\"https:\/\/edge.prnewswire.com\/c\/link\/?t=0&amp;l=en&amp;o=4746085-1&amp;h=2728060192&amp;u=https%3A%2F%2Fwww.redfin.com%2Fnews%2Faffordability-homebuying-2026&amp;a=earn+%24109%2C796\" target=\"_blank\" rel=\"nofollow\">earn $109,796<\/a>\u00a0to afford the typical U.S. home for sale, down just 0.5% from an all-time high of $110,382 a year ago.<\/p>\n<p>Affordability is improving a bit faster for starter homes because their prices are increasing at a slower rate; the median price rose 1.2% year over year in June, compared with a <a href=\"https:\/\/edge.prnewswire.com\/c\/link\/?t=0&amp;l=en&amp;o=4746085-1&amp;h=4110366181&amp;u=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fhome-prices-record-high-june-2026%2F&amp;a=2.2%25+increase\" target=\"_blank\" rel=\"nofollow\">2.2% increase<\/a>\u00a0for all homes. The typical household earns about $22,000 less\u00a0than they need to buy the median-priced home in the overall market. The discrepancy is partly because the overall market is driven by <a href=\"https:\/\/edge.prnewswire.com\/c\/link\/?t=0&amp;l=en&amp;o=4746085-1&amp;h=441722059&amp;u=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fluxury-housing-market-may-2026%2F&amp;a=outsized+price+increases\" target=\"_blank\" rel=\"nofollow\">outsized price increases<\/a>\u00a0in the luxury segment, and outsized price increases in places like San Francisco and West Palm Beach, where affluent buyers are active. At the same time, some would-be buyers of starter homes are pulling back because they typically earn less money and are more sensitive to affordability pressures.<\/p>\n<p>While starter-home affordability has improved modestly, it is still strained, with sale prices near record highs and mortgage rates elevated near 7%\u2014and it is becoming even more strained, with rates hitting their highest level in a year at the end of July. Even though starter homes cost less than others, they&#8217;re still often out of reach for first-time buyers, especially in expensive markets like coastal California and New York. First-time buyers are also competing with move-up buyers, who typically have equity from previous sales, for starter homes.<\/p>\n<p>&#8220;Affordability has improved modestly for entry-level buyers, but starter homes come with tradeoffs, and finding the right one is a challenge,&#8221; said <a href=\"https:\/\/edge.prnewswire.com\/c\/link\/?t=0&amp;l=en&amp;o=4746085-1&amp;h=1582946369&amp;u=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fauthor%2Fyingqi-xuredfin-com%2F&amp;a=Yingqi+Xu\" target=\"_blank\" rel=\"nofollow\">Yingqi Xu<\/a>, a senior economist at Redfin. &#8220;The first-time buyers who are in the market are already stretching their budgets to afford monthly mortgage payments, so they&#8217;re hesitant to take on expensive renovations. Move-in ready starter homes attract strong demand, while fixer-uppers aren&#8217;t quite as desirable because the buyers who are typically in the market for an inexpensive home don&#8217;t have much financial cushion for renovations.&#8221;<\/p>\n<p>\n        <b>Every Single Starter-Home Listing Is Affordable in Almost Half of the Biggest U.S. Metros<\/b>\n      <\/p>\n<p>All starter-home listings are affordable on the area&#8217;s median income in nearly half of the metros in this analysis, mostly in the south and Middle America.<\/p>\n<p>Here&#8217;s the full list of 22 metro areas: Austin, Fort Worth, Charlotte, Dallas, Virginia Beach, Houston, Montgomery County, PA, Washington, D.C., San Antonio, Jacksonville, Milwaukee, Columbus, Cincinnati, Kansas City, Philadelphia, Indianapolis, Baltimore, Warren, Cleveland, St. Louis, Pittsburgh, Detroit.<\/p>\n<p>In Detroit, the median-earning household would spend just 13.9% on a starter home, the smallest share in the U.S., followed by Pittsburgh (14.8%) and St. Louis (14.9%).<\/p>\n<p>\n        <b>In California, Starter Homes Are Out of Reach <\/b>\n      <\/p>\n<p>While starter homes are affordable in much of the country, they are almost impossible for average locals to buy in the most expensive markets.<\/p>\n<p>In three California metro areas\u2014San Diego, Los Angeles and San Francisco\u2014there are virtually zero starter-home listings affordable on the area&#8217;s median income. In Anaheim, just 2.6% of starter-home listings are affordable to the typical resident, and in San Jose, it&#8217;s 7.4%.<\/p>\n<p>In Los Angeles, a household earning the median income would spend 51% of their income on a starter home, the highest share of the metros in this analysis. Next come two other California metros: Anaheim (47.6%) and San Francisco (47.3%).<\/p>\n<p>In the Bay Area, the typical starter home costs nearly $1 million, making it tough for even someone earning the area&#8217;s high median income to afford. In San Diego and Los Angeles, the typical starter home costs roughly $650,000, putting it out of reach for people earning the median income in those places\u2014which is lower than in the Bay Area, but higher than nationwide.<\/p>\n<p>\n        <b>Starter Homes Are Becoming More Affordable in Most of the Country <\/b>\n      <\/p>\n<p>Starter-home affordability is improving in 30 of the nation&#8217;s 50 most populous metro areas. In Austin, TX, homebuyers needed to earn $92,607 to afford a median-priced home, down 6.1% year over year\u2014the biggest decline of the metros in this analysis.<\/p>\n<p>Oakland, CA had the second-biggest decline: Buyers there must earn $162,765 down 6% year over year. Dallas, where buyers must earn $83,096, down 5.1%, rounds out the top three.<\/p>\n<p>On the flip side, it got <i>harder <\/i>to afford a starter home in Detroit, where buyers must earn 8.3% more than a year ago. It&#8217;s followed by Cleveland (6.1% more) and Nassau County, NY (3.7% more). Still, buyers in Detroit and Cleveland, which are relatively affordable, typically earn much more than necessary to afford a starter home. In Detroit, for instance, the typical local household earns $65,687, versus the $30,511 necessary to afford the median-priced starter home.<\/p>\n<p>To view the full report, including charts and additional metro-level data, please visit: <a href=\"https:\/\/edge.prnewswire.com\/c\/link\/?t=0&amp;l=en&amp;o=4746085-1&amp;h=540305563&amp;u=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fstarter-home-affordability-improving-2026%2F&amp;a=https%3A%2F%2Fwww.redfin.com%2Fnews%2Fstarter-home-affordability-improving-2026%2F\" target=\"_blank\" rel=\"nofollow\">https:\/\/www.redfin.com\/news\/starter-home-affordability-improving-2026\/<\/a>\u00a0<\/p>\n<p>\n        <b>About Redfin\u00a0<br \/><\/b>Redfin is a technology-driven real estate company with the country&#8217;s most-visited real estate brokerage website. As part of Rocket Companies (NYSE: RKT), Redfin is creating an integrated homeownership platform from search to close to make the dream of homeownership more affordable and accessible for everyone. Redfin&#8217;s clients can see homes first with on-demand tours, easily apply for a home loan with Rocket Mortgage, and save thousands in fees while working with a top local agent.<\/p>\n<p>You can find more information about Redfin and get the latest housing market data and research at <a href=\"https:\/\/edge.prnewswire.com\/c\/link\/?t=0&amp;l=en&amp;o=4746085-1&amp;h=1511944954&amp;u=https%3A%2F%2Fwww.redfin.com%2Fnews&amp;a=https%3A%2F%2Fwww.redfin.com%2Fnews\" target=\"_blank\" rel=\"nofollow\">https:\/\/www.redfin.com\/news<\/a>. For more information about Rocket Companies, visit <a href=\"https:\/\/edge.prnewswire.com\/c\/link\/?t=0&amp;l=en&amp;o=4746085-1&amp;h=1990022222&amp;u=https%3A%2F%2Fwww.rocketcompanies.com%2F&amp;a=https%3A%2F%2Fwww.rocketcompanies.com\" target=\"_blank\" rel=\"nofollow\">https:\/\/www.rocketcompanies.com<\/a>.<\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/edge.prnewswire.com\/c\/img\/favicon.png?sn=DE19579&amp;sd=2026-08-05\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"https:\/\/www.prnewswire.com\/news-releases\/redfin-reports-affordability-for-us-starter-homes-improves-slightly-faster-than-overall-market-302843650.html\" target=\"_blank\">https:\/\/www.prnewswire.com\/news-releases\/redfin-reports-affordability-for-us-starter-homes-improves-slightly-faster-than-overall-market-302843650.html<\/a><\/p>\n<p>SOURCE Redfin<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=DE19579&amp;Transmission_Id=202608050810PR_NEWS_USPR_____DE19579&amp;DateId=20260805\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire The income needed to afford a typical U.S. starter home is down 1.5% from a year ago, marking eight straight months of declines as price growth cools. The median U.S. household now earns about $17,000 more than what&#8217;s needed to afford a starter home, up from $12,500 a year ago. Austin leads the nation in improving starter-home affordability, while Detroit, Philadelphia and Cleveland are becoming less affordable\u2014though typical local households can still generally afford starter homes. SEATTLE, Aug. 5, 2026 \/PRNewswire\/ &#8212; Americans need to earn $70,693 to afford the typical U.S. starter home, down 1.5% from a year ago, according to a new report\u00a0from Redfin, the real estate brokerage powered by Rocket. The income needed to afford &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-affordability-for-u-s-starter-homes-improves-slightly-faster-than-overall-market\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Redfin Reports Affordability For U.S. Starter Homes Improves Slightly Faster Than Overall Market&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-990184","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Redfin Reports Affordability For U.S. Starter Homes Improves Slightly Faster Than Overall Market - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-affordability-for-u-s-starter-homes-improves-slightly-faster-than-overall-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Redfin Reports Affordability For U.S. Starter Homes Improves Slightly Faster Than Overall Market - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire The income needed to afford a typical U.S. starter home is down 1.5% from a year ago, marking eight straight months of declines as price growth cools. The median U.S. household now earns about $17,000 more than what&#8217;s needed to afford a starter home, up from $12,500 a year ago. Austin leads the nation in improving starter-home affordability, while Detroit, Philadelphia and Cleveland are becoming less affordable\u2014though typical local households can still generally afford starter homes. SEATTLE, Aug. 5, 2026 \/PRNewswire\/ &#8212; Americans need to earn $70,693 to afford the typical U.S. starter home, down 1.5% from a year ago, according to a new report\u00a0from Redfin, the real estate brokerage powered by Rocket. 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-affordability-for-u-s-starter-homes-improves-slightly-faster-than-overall-market\/","og_locale":"en_US","og_type":"article","og_title":"Redfin Reports Affordability For U.S. Starter Homes Improves Slightly Faster Than Overall Market - Market Newsdesk","og_description":"PR Newswire The income needed to afford a typical U.S. starter home is down 1.5% from a year ago, marking eight straight months of declines as price growth cools. The median U.S. household now earns about $17,000 more than what&#8217;s needed to afford a starter home, up from $12,500 a year ago. Austin leads the nation in improving starter-home affordability, while Detroit, Philadelphia and Cleveland are becoming less affordable\u2014though typical local households can still generally afford starter homes. SEATTLE, Aug. 5, 2026 \/PRNewswire\/ &#8212; Americans need to earn $70,693 to afford the typical U.S. starter home, down 1.5% from a year ago, according to a new report\u00a0from Redfin, the real estate brokerage powered by Rocket. The income needed to afford &hellip; Continue reading \"Redfin Reports Affordability For U.S. Starter Homes Improves Slightly Faster Than Overall Market\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-affordability-for-u-s-starter-homes-improves-slightly-faster-than-overall-market\/","og_site_name":"Market Newsdesk","article_published_time":"2026-08-05T12:31:15+00:00","og_image":[{"url":"https:\/\/mmx.prnewswire.com\/media\/MS690711\/Redfin-Powered-by-Rocket-Logo.jpg?id=OA2825381","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-affordability-for-u-s-starter-homes-improves-slightly-faster-than-overall-market\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-affordability-for-u-s-starter-homes-improves-slightly-faster-than-overall-market\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Redfin Reports Affordability For U.S. Starter Homes Improves Slightly Faster Than Overall Market","datePublished":"2026-08-05T12:31:15+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-affordability-for-u-s-starter-homes-improves-slightly-faster-than-overall-market\/"},"wordCount":1192,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-affordability-for-u-s-starter-homes-improves-slightly-faster-than-overall-market\/#primaryimage"},"thumbnailUrl":"https:\/\/mmx.prnewswire.com\/media\/MS690711\/Redfin-Powered-by-Rocket-Logo.jpg?id=OA2825381","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-affordability-for-u-s-starter-homes-improves-slightly-faster-than-overall-market\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/redfin-reports-affordability-for-u-s-starter-homes-improves-slightly-faster-than-overall-market\/","name":"Redfin Reports Affordability For U.S. Starter Homes Improves Slightly Faster Than Overall Market - 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