Home affordability has officially reached it's all time highest level. According to the National Association of Realtor's (NAR) Housing Affordability Index, "the index rose to 206.1 in January, and an index of 100 is defined as the point where a median-income household has exactly enough income to qualify for the purchase of a median-priced single family home, assuming a 20 percent down payment and 25 percent of gross income for mortgage principal and interest payments."
“This is the first time the housing affordability index has broken the two hundred mark, meaning the typical family has roughly double the income needed to purchase a median-priced home,” said Moe Veissi, NAR president.
We can help you find an incredibly affordable home in Dallas, Richardson or Plano. Let us show you how.
The affordability of current homes in our area is something that we are helping our clients realize every day, when they realize the amount of house that they can purchase in the Dallas, Richardson or Plano areas for significantly less of a mortgage payment than they were expecting to pay. If you're curious to see what kind of affordable housing is available in your area of interest then use these free searches to check them out.
The Todd Tramonte Home Selling Team
Cho, Esther. "Home Affordability Index Reaches Record-High Level." DSNews. DSNews.com, 7 Mar. 2012.