Despite what you read and hear in the media, housing affordability is at its highest levels since they began tracking this metric in 1970. The Housing Affordability Index (HAI) which is tracked by the National Association of REALTORS (NAR) determines affordability by measuring the relationship between median home prices, median family incomes, and average mortgage interest rates.

When the affordability index is high, so is household purchasing power. 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 existing single-family home. Currently, the affordability index is above the 200 mark, which doesn’t happen often. In fact, the first time it broke the 200 level was just last year. An housing affordability index level of 200 indicates the typical family has roughly double the income needed to purchase a median priced home.

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Posted by Graig Ponthier on 04/03/2013 09:13 AM   Comments (1)   Market Trends in the ActiveRain Channel   affordability index  
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