Housing Affordability Reaches New Record Highs

February saw housing affordability climb to an unprecedented level, reports the National Association of Realtors. The group’s monthly index produced a reading of 192.3, up a notch from January’s score of 192.2. The statistic means that a family earning the median household income of $61,566 had 192.3 percent of the income required to buy a single-family home at the median price of $157,000. The equation assumes a down payment contribution of 20 percent and a 30-year mortgage at a rate of 4.91 percent. Affordability was even greater in the Midwest, where the typical household had nearly 2.5 times the income needed to purchase a home at the median price of $121,700. | Read More