In 2024, despite continued challenges like high mortgage rates and inflated home prices, U.S. homebuyers and renters experienced improved affordability in many major cities. New data reveals a modest year-over-year decline in median rent for the 18th consecutive month, alongside a decrease in housing costs as a percentage of income. Nearly two-thirds of the largest metropolitan areas saw homebuyers spending less on mortgage payments. Notable cities like San Francisco and Miami now allow residents to allocate less of their income towards housing, enhancing their financial flexibility.
The research firm found that median rent in the US declined on a year-over-year basis for the 18th straight month, showing a potential shift in affordability.
While massive cities like San Francisco and Miami aren't known for affordability, buyers and renters there are able to save more money staying there.
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