The first time buyer affordability statistics are in.  The National Association of REALTORS published this data recently on their website. It is noted that this data is reflecting our nation as a whole and not specifically for certain market areas. Here in the Silicon Valley home values remain among the highest in the country. 

Home affordability is measured by tracking the median home values to annual income across the nation. Eventhough median income has dropped in 2011 compared to 2010 and 2009 mortgage interest rates and home values have dropped too making 2011 more affordable than the previous years in this study. The exception is in the second quarter of 2012.

 

 

          Effective Effective   Prime      
    Starter 10% Down Loan Interest Int Rate Monthly First-Time Qualifying First-Time Composite
  Year Quarter Home Price Payment Amount Rate Plus PMI Payment Median Income Income Buyer Index Index
2009   146,300 14,630 131,670 5.14 5.39 739 39,703 35,472 111.9 169.4
2010   147,100 14,710 132,390 4.89 5.14 722 39,853 34,656 115.0 174.0
2011   141,300 14,130 127,170 4.67 4.92 676 39,540 32,448 121.9 184.5
                       
2011 II 143,700 14,370 129,330 4.85 5.10 702 39,534 33,696 117.3 177.5
2011 III 144,000 14,400 129,600 4.63 4.88 686 39,552 32,928 120.1 181.9
2011 IV 138,200 13,820 124,380 4.31 4.56 635 39,574 30,480 129.8 197.0
2012 I r 134,800 13,480 121,320 4.18 4.43 610 39,632 29,280 135.4 205.2
2012 II p 154,300 15,430 138,870 3.92 4.17 677 39,675 32,496 122.1 185.1
                       
©2012 National Association of REALTORS®                

 

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Post is included in group: Market Reports

4 Comments on First Time Homebuyer Affordability Statistics

OCT
20
155,371 Points 3 Featured Posts Outside Blog

those are some good facts on the housing affordability index.  Great information and with rates so low it can't be a better time
7:10pm • #1
546,251 Points 2 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Good Evening Anja

Thanks for the post and information. Have a great weekend
7:16pm • #2
OCT
26
987,989 Points 49 Featured Posts Outside Blog Called Shot Master

Anja - Great information to share about the first time homebuyer affordability stats.
6:12pm • #3
OCT
27
1,156,628 Points 29 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Anja, what a great chart you can clearly see with the drop in interest rate even on a higher priced home the mortgage parment was less.
11:16pm • #4


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