What do you believe is the single most important factor driving up the cost of living in Nigeria?

While housing affordability remains a challenge for many buyers in the U.S., conditions are somewhat improving due to lower mortgage rates.

Buyers need to earn $115,000 to afford the typical home in the U.S., according to a new report by Redfin, an online real estate brokerage firm. That's down 1% from a year ago, and represents the first decline since 2020.

Housing payments posted the biggest decline in four years, Redfin also found. The median mortgage payment was $2,534 during the four weeks ending Sept. 15, down 2.7% from a year ago.

Both declines stem from lower mortgage rates, said Daryl Fairweather, chief economist at Redfin.

As of Sept. 19, the average 30-year fixed rate mortgage is 6.09%, down from 6.20% a week prior, according to Freddie Mac data via the Fed. Rates peaked this year at 7.22% on May 2.

"The only reason mortgage payments are down is because of the rate effect," Fairweather said.

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