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Redfin Report: A Minimum-Wage Worker Would Have to Work 106 Hours a Week to Afford the Typical U.S. Apartment

1. Minimum-wage earner must work 106 hours to afford a $1,599 apartment. 2. Report uses Jan 2025 rents and 2024 wage data, highlighting market affordability challenges for RDFN.

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Why Neutral?

The report underscores a systemic housing affordability issue without directly altering RDFN’s core metrics. Historical examples, such as similar affordability analyses by real estate firms like Zillow, have led to limited immediate price reactions.

How important is it?

The data reinforces broader market pressures and validates RDFN’s analytical role in housing trends, which is significant over time but has modest immediate price impact.

Why Long Term?

Persistent housing affordability challenges can influence consumer demand and market trends over time, similar to long-cycle impacts seen in previous market studies affecting real estate brokerages.

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SEATTLE--(BUSINESS WIRE)-- #housingmarket--(NASDAQ: RDFN) —The average minimum-wage earner in the U.S. would have to work 106 hours per week to afford the $1,599 median-priced apartment. That's according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Redfin's report is based on an analysis of median asking rents as of the three months ending Jan. 31, 2025, and 2024 annual wage data. We define an apartment as affordable if a renter making minimum wage spends 30% of their.

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