Rocket Companies Inc. has released an analysis indicating an improvement in homebuying affordability in several major U.S. metropolitan areas. The report, powered by Redfin, reveals that the income required to afford a median-priced home has decreased in 11 out of the 50 most populous metros, predominantly located in Sun Belt boomtowns. These areas, which experienced significant price hikes during the pandemic, are now witnessing a decline in home prices due to increased inventory. The report highlights that in cities like Oakland, CA, and West Palm Beach, FL, the income needed has dropped by 4.6% and 3.7%, respectively. However, despite these improvements, the typical U.S. household income remains approximately $25,000 less than what is needed to afford a median-priced home. In contrast, some of the most affordable Midwest metros are seeing a rise in the income required to purchase a home, likely driven by their low cost of living attracting more buyers.