The National Association of Realtors have developed a new metric to determine housing affordability at different income levels for all active inventory on the market. Their new REALTORS® Affordability Distribution Curve & Score covers the nation’s 100 largest metropolitan areas and shows how many houses are affordable to households ranked by income and is intended to represent affordability for all different income levels in a single measure. There is some pretty good data in here if you take time to drill down.
Specifically the new measure:
- Considers affordability for all income percentiles, not just the median income
- Looks at affordability of active inventory or homes currently available for sale instead of homes that have already sold