housing affordability index

housing affordability index

Developed by the National Association of REALTORS® to track the financial ability of consumers to buy homes.Many state organizations publish similar indices for their local markets.The benchmark is 100,sometimes expressed as 1.0.It means that a family earning the median income has exactly enough money to qualify for a mortgage to buy a median-priced home in that market.It assumes a 20 percent down payment,and that mortgage payments will not exceed 25 percent of income.A figure less than 100,or less than 1.0,means that the median income family cannot afford the median house. A greater figure means the median income family can afford a home more expensive than the median home.When a trend line is declining,it indicates that housing is becoming less affordable. Upwardly trending numbers mean housing is becoming more affordable. National figures may be obtained by going to the National Association of REALTORS® Web site, www.realtor.org, and clicking on Research, then Housing Statistics, and then Housing Affordability Index.

Mentioned in ?
References in periodicals archive ?
In a release for its Housing Affordability Index for the second quarter, the company said 18% of U.
RIGA -- Housing affordability in the capital cities of all three Baltic States improved in the fourth quarter of 2015, according to the latest Swedbank Baltic Housing Affordability Index (HAI).
These trends in housing affordability can be measured more precisely by constructing a Housing Affordability Index (HAI).
Wichita Falls is the most affordable area of the state, according to a Texas housing affordability index produced by Texas A&M University's Real Estate Center.
of Realtors Cost of Living Mean HH Wealth and Housing Affordability Housing Affordability Index Chicago 190 Denver 135 D.
The group used a variety of factors to hold small cities for evaluation including average lawyer salary, housing affordability index (average percentage of income spent on housing), amenities (including arts, entertainment and recreation), and employment attractiveness rank (a combination of law job density, availability and competition).
3 Housing Affordability Index * 196 176 165 134 * The housing affordability index measures the ability of a family earning the median income to purchase a median-priced home.
The RBC Housing Affordability index, compiled since 1985, looks at the calculated costs of owning a detached bungalow at the present market value.
First-time Buyer Housing Affordability Index (FTB-HAI) is at an all time high.
This month's Home Value Forecast shows that Sacramento's housing affordability index is at its highest level in years.
With record low mortgage interest rates and bargain home prices, NAR's housing affordability index shows that a median-income family can easily afford a median-priced home," he said.
And, the Westpac Leading Index and CBAHIA housing affordability index don't carry the badge of top market mover.

Full browser ?