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
Recent Posts
Archives
Categories
- Decor (2,041)
- Energy Saving Tips (15)
- Green Design (22)
- Greening Tips (1,122)
- Home Improvement (1,674)
- Home Remodeling (16)
- Home Security (10)
- Homeowners News (1,265)
- Homeowners News;Top Story (3)
- Housing and Mortgage Trends (713)
- Insurance (1)
- Maintenance and Repair (10)
- Safety (4)
- Smart Home Tech (1,162)
- Top Story (106)