Zillow: Even as prices continued to rise in last year’s fourth quarter, American homeowners found themselves paying less in monthly mortgage payments compared to pre-bubble norms, according to Zillow.
“The days of historically high levels of housing affordability are numbered,” said Stan Humphries, chief economist at Zillow. “Current affordability is almost entirely dependent on low interest rates, and there’s no doubt that rates will begin to rise in the next few years.
Zillow analyzed current and historic median home values as determined by the Zillow Home Value Index, comparing it to median income data from the Census Bureau and the Bureau of Labor Statistics. Researchers used the data to calculate an affordability index (measuring the portion of monthly income homeowners spend on mortgage payments) and a price-to-income ratio. Read more ....
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