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Sign into your accountReal Estate Feedback Reports Show that Housing is More Affordable Than Ever
March 19 2012
Guest contributor Showing Suite says:
According to real estate feedback reports conducted by the National Association of Realtors® (NAR), housing affordability conditions have achieved a 42-year record high. January 2012’s Housing Affordability Index indicated the new high is at 206.1, which is the first time since records began in 1970 that the index has hit or passed 200.
The housing affordability index aims to measure whether or not a typical family could qualify for a mortgage loan on an average-priced home. The point where a median-income household has enough income to be eligible for the purchase of an average-priced home is defined as 100 according to the index. This means that according to the NAR’s real estate feedback reports, the typical family has doubled the income required to purchase an average priced home. The NAR’s real estate feedback reports also project the 2012 affordability index will be at a record annual high, with little fluctuation in mortgage interest rates or home prices.