Housing affordability remains a concern for would-be homebuyers as the income needed to afford a typical U.S. home remains near historic highs and well above what most American households earn, though there are signs of improvement from a year ago.

Home prices surged in 2022 and 2023 amid strong demand coming out of the pandemic, while mortgage rates also doubled due to interest rates rising to counteract the surge in inflation.

A new report by Redfin found that the income needed to afford to buy the typical home on the market is $109,796 as of June – a decrease of 0.5% from the all-time high of $110,382 that was reached last year.

A year ago, the typical American household’s income was $26,125 below what was needed to afford a median-priced home at the time, while two years ago the gap was even larger at $28,834. Redfin attributed the narrowing gap to income growth outpacing the growth in housing costs in the last few years.

While the income needed to afford a home has been declining since October 2025, those decreases have been relatively small and the income needed to afford a home is still $22,197 above the typical household income of $87,599.

A TALE OF TWO HOUSING MARKETS: LUXURY DEMAND SURGES AS AFFORDABILITY SQUEEZES STARTER-HOME BUYERS

Home affordability is improving, though it remains a challenge for many Americans – particularly first-time homebuyers. (Kyle Grillot/Bloomberg via Getty Images)

Compared with last year, the median home sale price was up 2.2% in June, with mortgage rates down slightly into the mid-6% range, while the median household income was up 4% from a year ago.

“The earnings needed to buy a house have stabilized after several years of deterioration, but that doesn’t mean homes are affordable to the average American,” said Redfin senior economist Yingqi Xu.

“There’s still a double-digit gap between what the typical household earns and what they need to comfortably buy a home, leaving many prospective first-time buyers stalled on the sidelines. But even if the market isn’t becoming much more affordable, it is becoming a bit more manageable for house hunters,” Xu explained.

CASH-STRAPPED HOAS RAMP UP FORECLOSURES AGAINST DELINQUENT HOMEOWNERS: REPORT

Income growth has outpaced home price growth in the last year. (Getty Images/stock)

The share of affordable listings on the housing market – which Redfin defines as a buyer’s mortgage not consuming more than 30% of their income on their monthly housing payment – rose from 31% last year to 34% in June.

However, the report notes there are still far fewer affordable home listings than there used to be, as prior to the 2022 surge in mortgage rates, over half of U.S. home listings were affordable to the typical American nearly every month in records dating back through 2013.

Redfin found affordability improving in 24 of the 46 metro areas included in its analysis, with Seattle homebuyers seeing the biggest decline as the income needed to afford the median priced home in the city declined 7.4% to $221,831.

THESE AMERICAN CITIES ARE TRENDING TOWARD A BUYER’S MARKET

Seattle saw the largest year-over-year decline in the income needed to afford the median-priced home in June, Redfin found. (Juan Mabromata/AFP via Getty Images)

Other West Coast metros rounded out the top three in terms of largest improvements, with San Jose seeing the second-largest decline of 6.5% to $423,840 in income, and Portland in third with a 4.5% decline to $153,844 when compared with a year ago.

However, that doesn’t mean the median home is more affordable to typical residents in the area, as in San Jose the median income is still at $176,401 – about $250,000 below what’s needed to afford the typical home in that area.

The report found just three metro areas in which the typical household earns more than what’s required to afford the median-priced home – St. Louis, Indianapolis and Pittsburgh.

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The company said it added about 280,000 net digital-only subscribers in the second quarter, compared with roughly 310,000 net digital subscribers the previous quarter.

Operator

Good morning and thank you for standing by. Welcome to Stella-Jones Second Quarter 2026 Earnings Conference Call. [Operator Instructions] I would like to remind everyone that this conference call is being recorded on Thursday, August 6, 2026.

I will now turn the call over to David Galison, Vice-President of Investor Relations of Stella-Jones.

David Galison
Vice President of Investor Relations

Thank you, John, and good morning, everyone. Earlier this morning, we issued our press release reporting our results for the second quarter of 2026. Along with our MD&A, it can be found in the Investor Relations section of our website at www.stella-jones.com as well as on SEDAR+.

As a reminder, all figures expressed on today’s call are in Canadian dollars unless otherwise stated. Please note that comments made on today’s call may contain forward-looking information, and this information, by its nature, is subject to risks and uncertainties. Actual results may differ materially from the views expressed today. For further information on these risks and uncertainties, please consult the company’s relevant filings on SEDAR+. These documents are also available in the Investor Relations section of Stella-Jones website at www.stella-jones.com.

Additionally, during this conference call, the company may refer to non-GAAP measures, which have no standardized meaning under GAAP and are not likely to be comparable to similar measures presented by other issuers. For more information, please refer to the company’s latest MD&A available on Stella-Jones website

Each month new brands come into the gambling industry, and not all of them are equally worthy of trust from the first moment of their work.

Sparkling promotions may cover up poor support services, unclear limitations, or a poor game section. Yet there are nice exceptions to this rule, namely when a new brand discloses its rules and creates something that can be used.

In that context, Spinformula lands with a lively first impression and a surprisingly broad setup. The site presents itself as a new venue where newcomers can enter jackpot play almost immediately after opening an account. One claim is clear on the page: the lobby is reachable in under two minutes after landing there. The site does not prove a guaranteed jackpot hit within five minutes, yet it clearly pushes speed as part of its appeal.

A welcome package built for different spending moods

The initial promotion is not just one simple package deal; it is divided into a number of stages, which adds a certain degree of structure compared to the standard initial package. The web page lists a total of five deposits and bonuses in their welcome program that includes 555 percent up to £15,555 along with 555 free spins. The website also mentions a cryptocurrency welcome that includes 130 percent up to 1,300 USDT along with 130 free spins, followed by 130 percent up to £1,200, 140 percent up to £1,400, 85 percent up to £6,000, and a high roller bonus package of 1055 percent up to £10,555.

This is important considering the many new sites which spout out huge figures without detailing the logic behind it. In this case, the logic points to distinct entrances for casual players, cryptic players, and heavy spenders. The process of newcomers detailed on the page seems fairly straightforward. This involves making an account using email, password, nationality, currency preference, and age verification. After that, it’s possible to choose a promotion, make a deposit, and begin playing starting at £10.

Fast jackpot play starts with the actual lobby

It’s not just about the welcoming figure in the pitch, but also about the combination of games that come with it. This platform has slots, jackpot games, live games, crashes and instant games, hence giving a lobby which is not very limited compared to many others who are newbies. Some of the featured games are Mental, Fire in the Hole xBomb, Aviator, Crazy Time and Mega Moolah. It is important to note that Mega Moolah game is one of those few featured games related to jackpots.

The crash section provides the brand an additional beat. The games mentioned here include Aviator, JetX, Spaceman, Crash X, Mines, Plinko, Dice, Balloon, Goal, Hi Lo, and Keno Rush. For those who are more into fast spins and speedy getaways, this part of the website can be as significant as the slots area. And, indeed, it complements the idea of the place being created for prompt actions, not tedious browsing. This vibe suits a launch well.

Providers that give the room real weight

The large lobby is useless without quality providers. In fact, the page says that the content comes from 47 studios, which makes the project more solid. Some of the providers include such brands as Pragmatic Play, Nolimit City, Evolution Gaming, Hacksaw Gaming, Play’n GO, NetEnt, Relax Gaming, BGaming, Push Gaming, Yggdrasil, Red Tiger, Thunderkick, Quickspin, Big Time Gaming, and Alchemy Gaming. This list is quite impressive for a relatively new platform, taking into account the variety of options it includes.

The live portion of the website does not seem to be an afterthought either. There are different versions of games such as roulette, blackjack, baccarat and gameshow. On the page, there is mention of European roulette, Lightning roulette, and Immersive roulette. There is also classic blackjack, infinite blackjack, and speed blackjack. Moreover, baccarat in its squeeze, lightning and no commission formats can be found here.

Weekly value instead of one loud opening trick

A decent first package gets attention, but repeat value keeps a real money account alive. Here the recurring side looks fairly busy. Thursday Reload promises 100 percent up to £700. Monday Cashback reaches up to £500. Tuesday Rakeback goes up to £200. The site also mentions personal free spins tied to provider activity, which suggests rotating offers based on game studio campaigns rather than a dead static calendar.

This matters for practical play because the best long term offer is not always the biggest headline number. Cashback softens rough sessions. Rakeback gives something back to regular volume. Personal spin drops can add a low risk reason to revisit selected content. None of this guarantees profit, of course, yet it does create more ways to squeeze value from the account than a one day launch gift ever could.

Tournaments and VIP perks add the extra layer

The site does not describe tournaments with exact dates or prize tables on the main page, but it does confirm that most leaderboard events are linked to specific slot providers or game groups. That is a useful detail because provider based races often reward focused activity better than vague platform wide contests. It hints at recurring promotional cycles rather than a one off decoration built only for launch week.

The VIP system is invitation based. According to the page, it includes a personal account manager, higher withdrawal limits, and access to exclusive promotions. That is not a flashy novelty, yet it is still one of the clearest signals of how the brand wants to retain stronger customers. Rather than pushing everyone into the same funnel, it separates regular starter value from a more tailored upper tier. For a recent entrant, that is a sensible move.

Conditions for newcomers matter as much as the promos

A strong looking page can still fall apart on banking rules. Spinformula handles this part reasonably clearly. The listed payment methods include Visa, Mastercard, bank transfer, Apple Pay, Google Pay, Skrill, Neteller, MiFinity, Bitcoin, Ethereum, Trustly, Paysafecard, and Rapid Transfer. The minimum deposit is £10, and the minimum withdrawal is also £10. The site says it charges no withdrawal commission and no conversion fee on its side.

KYC is also stated plainly. The operator may request an identity document, proof of address, or payment confirmation depending on account activity. That is standard enough and, frankly, healthier than pretending checks never happen. The licence named on the page is Curaçao eGaming, which should be noted as part of any fair assessment. It gives the platform a stated legal base, though careful players will still judge the overall service by execution, not by a badge alone.

Where the new name stands right now

So what emerges from the site is not a miracle story, and that is actually a plus. The stronger impression comes from range, speed, and promotional layering rather than fantasy claims. The lobby is broad, the recurring offers are active, the live room looks developed, and the banking page does not feel hidden in fog. The jackpot angle is backed mainly by quick access and named jackpot content, not by evidence of guaranteed instant wins. That distinction matters.

As a fresh online venue in England, it appears to offer most of what a modern real money player expects. Newcomer promos are aggressive, weekly value is present, crash content is strong, and the VIP track adds another hook for longer sessions. The real takeaway is simple. New sites are not always worth the risk, yet some launch with enough depth to earn a closer look. On its own published terms, Spinformula belongs in that more promising group.

Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8

Copyright ©2026 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8