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The Ultimate Truth About Housing Affordability | Home For Sale In Whitegate
There have been many headlines decrying an “affordability crisis” in the residential real estate market. While it is true that buying a home is less affordable than it had been over the last ten years, we need to understand why and what that means.
On a monthly basis, the National Association of Realtors (NAR), produces a Housing Affordability Index. According to NAR, the index…
Measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home at the national and regional levels based on the most recent price and income data.
Their methodology states:
To interpret the indices, a value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home. An index above 100 signifies that family earning the median income has more than enough income to qualify for a mortgage loan on a median-priced home, assuming a 20 percent down payment.
It is true that the index is lower today than any year from 2009 to 2017. However, we must realize the main reason homes were more affordable. That period of time immediately followed a housing crash and there were large numbers of distressed properties (foreclosures and short sales). Those properties were sold at large discounts.
Today, the index is higher than any year from 1990 to 2008. Based on historic home affordability data, that means homes are more affordable right now than any other time besides the time following the housing crisis.
With mortgage rates remaining low and wages finally increasing, we can see that it is MORE AFFORDABLE to purchase a home today than it was last year!
Get More Info : https://www.vantagerealtypros.com/the-ultimate-truth-about-housing-affordability/
We encourage you to experience the unparalleled value of working with Vantage Realty Pros by simply reaching out to us with your real estate dreams in mind. We are here to serve you, in any way we can. Our mission is to continually elevate our client’s real estate experiences through selfless guidance and undeniable expertise. So, whether you’re a first-time home-buyer, a seller, or even a home renovator, Vantage Realty Pros will help you navigate the process to get the positive outcome you’re after. We absolutely love what we do and look forward to having the opportunity to meet with you to discuss your real estate needs. For More Info : Visit Here : http://www.vantagerealtypros.com/
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