US housing affordability may take a decade or more to return to normal

Redfin says housing is considered affordable when an average mortgage payment takes 30% of household income.

If mortgage rates stay around 7% to 8% and home prices keep rising, it could take at least 10 years to reach that level.

If rates fall to 6% and prices stop rising, affordability could return as soon as 2029.

This matters because many buyers must choose between paying more now or waiting while homes may become more expensive.