Home Affordability Conditions Improve

In Real Estate Trends by donpetersonnebraska


The U.S. Home Affordability Index looks at how affordable homes are based on the percentage of average wages needed to make a monthly payment on a median-priced house in 406 counties across the country. According to the results, affordability conditions improved, compared to the previous quarter, in 60 percent of all analyzed counties. That’s an encouraging trend for anyone thinking about buying a home this winter, as it means buyers can expect to find more favorable conditions than they did over the summer.

Daren Blomquist, ATTOM’s senior vice president, said the improvement was brought on by decreasing interest rates. “Falling interest rates in the third quarter provided enough of a cushion to counteract rising home prices in most U.S. markets and provide at least some temporary relief for the home affordability crunch,” Blomquist said. “More sustainable relief for the affordability crunch, however, will need to be some combination of slowing home price appreciation and accelerating wage growth.” For example, since hitting bottom in 2012, home prices have risen 73 percent, while average weekly wages have only improved 13 percent over the same time period.

To find out what your home is worth in today’s market call Jennifer Bixby at Don Peterson & Associates today.


This advertisement was provided by Jennifer Bixby, the broker for Don Peterson and Associates Real Estate, 100 E 6th St. Jennifer can be reached at 402-721-9700 for answers to questions regarding your real estate needs.