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. 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.
Click here to read the full report at the National Association of Realtors.
