Homes are now affordable in just 6 major American cities… Housing correction is underway

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There are just six cities where the median-priced home is affordable for median-income earners:

Pittsburgh, Pennsylvania

Cleveland, Ohio

St. Louis, Missouri

Memphis, Tennessee

Indianapolis, Indiana

Birmingham, Alabama

Florida used to be the place for wealthy retirees to move to enjoy the state’s healthy dose of sunshine—and a massive break on taxes. But now that the housing supply on the west coast of Florida is surging, sellers are cutting asking prices, and the time a home is on the market is soaring, according to a Redfin report released Thursday. It could be the time for less well-to-do folks to become year-round snowbirds.

Indeed, these three factors are rising at a faster rate in western Florida than anywhere else in the U.S., the Redfin report shows. For example, the number of homes for sale in Cape Coral and North Port surged about 50% year over year in March, according to Redfin.

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