BIDENOMICS: Housing affordability hits historic low.

Fewer than a quarter of homes listed for sale nationwide qualified as affordable for the typical U.S. household, according to a new report shared exclusively with The Hill.

The report, released Friday by real estate brokerage Redfin, found that the number of affordable listings in 2022 fell by more than half from the previous year — the largest annual drop on the company’s record dating back to 2013.

Redfin analyzed home listings in the nation’s 100 most populous metros, marking a listing as affordable if its estimated monthly mortgage payment did not exceed 30 percent of the local county’s median income.

“Housing affordability is at the lowest level in history, which is widening the wealth gap—especially between generations,” said Redfin deputy chief economist Taylor Marr.

“Many millennials were able to buy homes before or during the pandemic homebuying boom, but many others were priced out of homeownership and forced to keep renting,” Marr added.

Previously: Why Team Biden might be purposefully grinding down the middle class.