Tag Archives: Affordability

High housing costs are one of the chief factors driving people away from certain cities and into others—that’s according to the results of an annual survey that polls the mayors of major American cities. This week, the Boston University Initiative ...

A new report pinpoints Vancouver as the most unaffordable housing market in North America, but Manhattan and San Francisco are close behind. What other U.S. cities top the list?

With mortgage rates holding steady and joblessness remaining low, homeowners have reason to be hopeful when selling their home. See more details inside.

Salaries are having a hard time keeping pace with home prices, even as prices continue to decline in many metro areas across the country.

Inventory issues continue to plague a market that has the potential to be performing much better. Low interest rates are helping balance things out, but what happens when they change?

Incomes and the job market are strong, but homes are still out of reach for some. How has affordability been impacted by the improving economy, and what can we expect in the future?

According to a recent analysis of West Coast software havens, Seattle is the clear-cut winner in terms of housing affordability, With more affordable condos and detached homes, it far outweighs nearby San Francisco—even with income and other costs of living considered. The median detached home price in Seattle is $610,000 compared to San Francisco’s $1.2 million.

The national affordability index noted that consumers would need to spend 33.6 percent of wages to buy a median-priced home nationally. Though this is below the historic average of 34.6 percent, it is still the highest amount since Q4 2008. However, 25 percent of counties covered by the index noted that the share of average wages necessary to buy a median-priced home is above the historic average.

Real house prices have jumped significantly over the past year, rising more than 8 percent since January 2016. According to First American, these pricing jumps coupled with low inventory spell a seller’s market for spring. “Despite the monthly increase in affordability and continued strong wage growth, homes are less affordable across the country compared to a year ago,” said First American Chief Economist Mark Fleming.

What is causing the disparity between top-tier and bottom-tier markets post housing crisis?