These Are the Nation’s Most—and Least—Affordable Real Estate Markets
These Are the Nation’s Most—and Least—Affordable Real Estate Markets
Abstract
Just 48.7% of homes sold could be within the financial reach of middle-class families, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index. Every time mortgage rates rise just a quarter of a percentage point, about 1.3 million households are priced out of homeownership. Lansing, MI, was the most affordable large housing market for middle-classes. The most affordable smaller housing market was WV, an hour southwest of Pittsburgh. For more than $150,000.
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Less than half of the homes sold are affordable for middle-class Americans. Just 48.7% of homes sold could be characterized as being within the financial reach of middle-class families, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index. That figure is likely even lower today, as it was calculated using home prices from the first quarter of the year and mortgage rates from the end of April. Both have since increased, and mortgage rates are expected to co...
Less than half of the homes sold are affordable for middle-class Americans. Just 48.7% of homes sold could be characterized as being within the financial reach of middle-class families, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index. That figure is likely even lower today, as it was calculated using home prices from the first quarter of the year and mortgage rates from the end of April. Both have since increased, and mortgage rates are expected to co...
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