Soft home prices boost affordability

Soft home prices boost affordability.
Nationally, home affordability has improved quite a bit over the past year as many markets experienced price declines or stagnation and earnings have increased. To be deemed affordable, housing expenses must be no more than 28 percent of income. Expenses include property taxes and insurance as well as the mortgage payment. The percentage of homes affordable to the median income household for the nation as a whole increased to 43.1 percent compared with 40.6 percent during the same three months of 2006. The NAHB survey, done in collaboration with Wells Fargo Bank, bases its affordability ratings on the percentage of new and existing homes sold in the individual markets that were affordable to households earning the median income for that area. It also takes into account mortgage rates.


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