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How Affordable Is Today's Housing Market?
Dated: November 16 2022
Views: 64
It's no secret that the housing market has been more challenging this year. Higher mortgage rates, with still-high home prices, low inventory, and an uncertain economy, have affected affordability conditions. It may make you wonder whether it's an excellent time to buy. After all, how many homes out there are affordable to the typical buyer?
According to the National Association of Home Builders' Housing Opportunity Index – which tracks how affordable new and existing homes are to families earning the median income of $90,000 – 42.2 percent of the homes sold between the beginning of July and the end of September could be considered affordable. That's down from last year when it was closer to 55 percent. It's also the lowest since the Great Recession, when nearly 80 percent of homes were considered affordable.
Still, the typical buyer could expect to comfortably afford just under half of all the homes available during the third quarter. And, depending on where you're looking to buy, that number could be even higher.
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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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