We continue our installments of the Keller Williams report: The Numbers That Drive Real Estate, looking at Affordability.

Affordability – % of Income:  The percentage of a median family’s income required to make mortgage payments on a median-priced home.

Housing affordability condition remained extremely favorable for home buyers.

The median mortgage payment now consumes 15% of family income instead of 19% a year ago.

According to Lawrence Yun, NAR chief economist, “Historically low mortgage interest rates clearly drew buyers into the market, and housing remains very affordable even with a recent uptick in rates.”

Check back for the next installment in this series: Support for Economy.

Jennifer Mackay
850-774-6582
www.jennifermackay.com

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