Affordability in Housing

It shouldn’t take a particularly observant eye to see the historic affordability available to home buyers, thanks to current home prices and mortgage rates. The National Association of Realtors (NAR) Housing Affordability Index reached a 42-year high in January. An index of 100 represents a median-income family’s ability to afford a median-priced, existing single-family home, with a 20% down payment and mortgage payments at 25% of gross income. January’s record reading was 206.1!