Despite recent increases, homes still affordable by historic standards

Despite recent increases, homes still affordable by historic standards

Despite recent increases, homes still affordable by historic standards
Although home prices have risen sharply over the last year, a new report suggests that when looking at affordability from a historic perspective, buying a home is still accessible to many. ATTOM Data Solutions’ 2021 U.S. Home Affordability report, released this week, shows that median home prices in 52 percent of counties in the U.S. are more affordable than historical averages.

Rising payrolls and record low mortgage rates helped to keep homes affordable for average wage earners around the country. Looking back at home prices over the past few decades, median prices in 287 of the 552 counties analyzed for this report were more affordable, however, recent price increases slashed this figure down from 349 at the start of 2020.

Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.0 percent and 15-year rates are near 2.375 percent.

Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.