BY BRAD BECKETT ON JULY 26, 2023
The NAR says higher home prices and mortgage rates have made it difficult for buyers to buy a home, according to their latest housing affordability index. Click here to read more.
In addition they point out that, compared to one year ago, affordability has fallen as the monthly mortgage payment climbed by 9.9% and median family income rose by 4.8%. The NAR says a mortgage is affordable if the mortgage payment (principal & interest) amounts to 25% or less of the family’s income.