Homes Have Never Been More Affordable!
For most individual home buyers, there are only a few factors that really matter:
Can I afford this home?
Is it a good investment?
Does it meet my family’s needs?
So it’s a bit surprising that the most important housing statistic has gone largely unreported: homes have never been more affordable. Affordability, measured by the median mortgage payment on the current median-priced home ($171,000) as a percentage of the median household income ($62,141), is lower than it’s been in a generation. The chart below shows affordability at a record level, having significantly improved since the height of the recent housing boom in 2006.
Sources: National Association of Realtors, Keller Williams Realty 7 Reasons Why Now Is a Great Time to Buy a Home!
