Rising home prices and mortgage rates mixed with stagnant incomes may be putting home ownership more out of reach for the average home buyer, according to the latest affordability index from the National Association of Home Builders and Wells Fargo.
The NAHB index shows that for the second quarter that 69.3 percent of all homes sold between April and June were affordable to families earning a median income of $64,400. In the first quarter, that percentage stood at 73.7 percent, and affordability reached a peak in 2011 at 78 percent, according to the index.
It’s the first time that the measure has fallen below 70 percent since late 2008.
Nationally, the median home price rose
Nationally, the median home price rose
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