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Buying a Home is More Affordable Today Than 30 Years Ago

Mortgage News > Buying a Home is More Affordable Today Than 30 Years Ago
Date: 01/23/2020    Buying a Home is More Affordable Today Than 30 Years Ago

While U.S. home prices have increased over the past few years, incomes have also gone up and mortgage interest rates have gone down. Taken together, housing is actually more affordable today than in almost any year over the past three decades. The National Association of Realtors Housing Affordability Index is now at 164, and discounting the housing bust years, the current level is the best since 1990 when it was just 108. Plus, the average mortgage payment on a median priced home has fallen to 15.3% of the median income; the historical norm is 21%.

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