Skip to content

More Than Half of American Families Can Afford to Buy a New Home -Are you one of them?

February 19, 2011

Home Affordability, measured by median mortgage payment on the current median priced home, as a percentage of median household income, is lower than its been in a generation.  As demonstrated in the illustration below, the median mortgage payment is just 14.9% of the median household income compared to 25% just 5 years ago!

According to data from, a real estate site based in California, more than half of American families can afford to buy a new home based on income levels and listing prices.

“A person with an annual salary of $64,400 could reasonably afford a $215,000 home with a 5 percent down payment, an interest rate of 5 percent on a 30 year mortgage, and property taxes at 1.25 percent, assuming a monthly mortgage payment to monthly income ratio rate of 25 percent”, the company explained in a statement.

Contact us to find out if you can buy a home!

Click her to plug your numbers into a home affordability calculator…

For full article visit..

No comments yet

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: