Counties with the highest affordability index
were Warren County (Allentown), New Jersey (151); Mercer County (Trenton), New Jersey (147); Cumberland (Vineland), New Jersey (144); Onslow (Jacksonville), North Carolina (142); and Litchfield (Torrington), Connecticut (139).
The NAR Affordability Index
uses a scale of 0 to 200 to rate affordability, with higher scores indicating more affordable markets and lower scores indicating less affordable ones.
Year-to-date, sales are down 0.8 percent and prices are up 7.4 percent and the affordability index
is down 18.5 percent.
Compared to 2008 data, Yung said the current prices adjusted for GDP growth and the affordability index
aren't showing extreme values.
Attom Data Solutions, which bills itself as the curator of the nation's premier property database, created an affordability index
based on publicly recorded home sale prices as well as average wage data from the U.S.
Irmo's affordability index
was 50.21, with a median income of $58,446.
These communities were ranked on an affordability index
weighing property taxes, homeowners' insurance fees and mortgage payments relative to income, according to data released by SmartAsset.
The report calculates an affordability index
based on percentage of income needed to buy a median-priced home relative to historic averages.
The study's affordability index
accounts for property taxes, homeowners' insurance fees and mortgage payments relative to income.
ATTOM assigned an affordability index
of 84 to Canyon County and 86 to Ada County on a scale where less than 0 is less affordable than the historic average.
Baltimore had the second-highest affordability index
in the U.S.
Using an affordability index
adjusting prices for inflation and income growth, the IAS report suggests that increases in affordability since 2012 could be attributed to alcohol tax cuts.