I’ve been reading a lot of articles online about interest rates and home affordability, so I decided I would take a look at home affordability rates in the Tallahassee real estate market. Anybody who has a stake in the real estate market is hyping today as the best time to buy a home in the history of housing. It’s one thing to keep reading about how rates won’t be this way forever, but how does that translate into affordability for today’s prospective home buyer?
The first think I did was pull historical interest rates back to January of 1992. I have the data for 30 year fixed rate mortgages, 15 year fixed rates mortgages, and 1 year arms. Additionally, I pulled all the home sales in the Tallahassee real estate market going back to January of 1992. I had to do some serious data cleaning, so here is what I did (and why).
[Home Affordability ... without the hype ... click to continue…]
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