There’s a current narrative that owning a home today is less affordable than in the past. The reason some make this claim is because house prices have increased substantially the last several years. It’s not just the price of a home that matters, however.
Most homes are purchased with a mortgage, and the current mortgage rate is a major factor in the affordability equation. Mortgage rates have fallen by nearly two percentage points in the last year and one-half. Another major affordability factor is a buyer’s income. The median family income has risen by approximately 6% during the last two years.
The National Association of Realtors (NAR) Housing Affordability Index, in the first graph, shows that home affordability is better today than at almost any point over the last 30 years.
“A Home Affordability Index value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home. An index of 120 signifies that a family earning the median income has 20 percent more than the level of income needed pay the mortgage on a median-priced home, assuming a 20 percent down payment so that the monthly payment and interest will not exceed 25 percent of this level of income (qualifying income).”
The higher the index, therefore, the more affordable homes are. In the second graph on the left are data since the 1990's. Again, we can see that affordability is much better today than the historical average and has been getting better over the last year and a half.
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James Bean
MBA, CIPS, ePRO, PSA,CPP, MPM
Expanding on years of business leadership in marketing, sales, professional consulting, account management, database systems and civic and cultural service, James has established a real estate business as a Broker-Associate with Christie’s International in Northern New Jersey, Westchester and the Hudson Valley. James is recognized for his ability to market and sell a wide spectrum of unique and challenging properties.
In addition to his Villanova MBA, James is Degreed in Computer Science, Project Management and Education/Training.
James is a licensed real estate broker in both New York and New Jersey who publishes The Real Estate Dashboard newsletter. His service on real estate committees includes: Global Business Council, Advocacy & Communications, Awards Verification, MLS Users, Professional Development, Grievance, Young Professionals Network and NJR Strategy Committee.
James honors and affiliations include, President, Rotary Club of Estero, Paul Harris Fellow of Distinction, U. S. Navy Distinguished Service Citation, Chairman Lockheed Martin Center of Excellence, IBM Divisional Team Excellence Award, Board of Directors, MasterWorks Chorus.
James Bean
REALTOR®/Broker-Associate
Let's Find Your Home Today
Dreaming of a better future? Your new home will be the home you have always dreamed you would own. And you will enjoy the lifestyle, social and community enrichment that makes life worth living. James is here to help you find the life you have always dreamed of, just like he has helped so many others in the past.