Housing Affordability Still Near Historic Highs
Washington, DC, May 14, 2013 -- Nationwide housing affordability held near historic highs in this year’s first quarter, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index.
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In all, 73.7% of new and existing homes sold between the beginning of January and end of March were affordable to families earning the U.S. median income of $64,400.
This is down slightly from the 74.9% of homes sold that were affordable to median-income earners in the final quarter of 2012.
“Thanks to very favorable mortgage rates and prices, housing affordability has remained quite high over the past four years,” said NAHB Chairman Rick Judson.
“The HOI has not slipped below 70 since the end of 2008. That said, from a builder’s perspective, it should be noted that rising costs for building materials, lots and labor are making it somewhat more expensive to construct new homes in today’s market.”