House prices have soared to record levels nationwide, leading to decreased affordability for many prospective buyers. Redfin's rankings reveal that the Rust Belt cities, including Pittsburgh, offer some of the most affordable housing markets, with about two-thirds of homes within reach for median income earners. However, this affordability is threatened as rising prices attract renewed investment. Conversely, California leads the country in high-priced housing markets like San Francisco and Los Angeles, where median prices exceed $1 million, underscoring vast disparities in market conditions across the U.S.
Around two-thirds of homes in Rust Belt metros are affordable for households earning the median income, contrasting sharply with cities like San Francisco.
Affordable prices and renewed investment are drawing buyers back to Rust Belt cities, supercharging local housing markets and pushing prices up regionally.
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