Can you afford to buy a home right now? Can you afford not to may be the question
The NAR’s Housing Affordability Index has reached record territory, but what does that mean for you? It means this could be the perfect time for you to buy a house.
Click through to see how affordable your next home could be!
Since 1970, the NAR has been tracking housing affordability and examining the relationship between home prices, mortgage interest rates and family income. Right now, buying a home is incredibly affordable! April’s number was the highest it’s ever been since peaking in January of this year.
According to the NAR, a family earning the median income of $60,900 could afford a house costing $296,800, with a 20 percent down payment.….and using no more than 25% of their monthly income for their mortgage costs.
For First time buyers will find buying will be even more affordable…of they qualify for the $8000 tax credit,
Homes in the Midwest and South are most affordable right now, with homes costing the most in the Northeast.
A combination of low prices and low interest rates is fueling the affordability, and it’s obvious more buyers are starting to take advantage of it. Prices likely won’t continue to be this low for much longer.
If you’ve been thinking of buying, why wait?
