Almaden Valley Homes For Sale | House-Buying Power at Near-Historic Levels
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Today I would like to speak to you about House-Buying Power at Near-Historic Levels
We keep hearing that home affordability is approaching crisis levels. While this may be true in a few metros across the country, housing affordability is not a challenge in the clear majority of the country. In their most recent Real House Price Index, First American reported that consumer “house-buying power” is at “near-historic levels.”
Their index is based on three components:
1. Median Household Income
2. Mortgage Interest Rates
3. Home Prices
The report explains:
“Changing incomes and interest rates either increase or decrease consumer house-buying power or affordability. When incomes rise and/or mortgage rates fall, consumer house-buying power increases.”
Combining these three crucial pieces of the home purchasing process, First American created an index delineating the actual home-buying power that consumers have had dating back to 1991.
READ MORE: https://www.siliconvalleyrealestateteam.com/blog/almaden-valley-homes-sale-house-buying-power-near-historic-levels/
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