Affordability Conditions Improved During 1st Quarter

Dated: April 3 2023

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Calculating how much house you can afford involves a few factors. You have to consider how much you make, the price of the home, your mortgage rate, insurance, and property tax. You also have to factor in the rest of your household budget. It's an equation every home buyer has to do for themselves. But, if you're a prospective buyer just wondering how affordable buying a house is these days, ATTOM Data Solutions has some numbers.

 

According to their first-quarter 2023 U.S. Home Affordability Report, buying conditions have improved slightly since last year's end. The percentage of average wages required to cover homeownership expenses on a typical home fell 1 percent from the fourth Quarter of 2022. Homeownership required 30 percent of average wages in the first quarter, down from 31 percent the quarter before. ATTOM's chief executive Rob Barber says things have become slightly more favorable for buyers. "Things certainly haven't swung way back into friendly territory," Barber said. "Price drops and wage gains haven't yet translated into equal improvements in affordability … but the scenario is becoming more favorable for buyers."

 

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Michael Downer

Your Luxury REALTOR®, Trusted Advisor — Quintessential Naples Team at Downing-Frye Realty®Michael "Mike" Downer is the REALTOR® you want in your corner when buying or selling real es....

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