Home Affordability Reaches An All-Time High
Home affordability moved higher last quarter, boosted by the lowest mortgage rates in history, a rise in median income, and slow-to-recover home prices throughout Massachusetts and the country.
According to the National Association of Home Builders, the quarterly Home Opportunity Index read 75.9 in 2011’s fourth quarter. More than 3 in 4 homes sold between October-December 2011, in other words, were affordable to households earning the national median income of $64,200.
Never in recorded history have U.S. homes been as affordable on a national level. Even on a regional and local level, affordability soared.
Affordability was highest in the (more…)