Back to top
Join us on LinkedIn Follow us on Twitter Like us on Facebook
 
  OCTOBER RESEARCH STORE SUBSCRIBE LOG IN
AddControlToContainer_DynamicNavigation1

First-quarter home affordability improved

Add This Email A Friend Printer Friendly Version Increase Text Size Decrease Text Size
0 comments
Market Data
Friday, March 27, 2020

Median home prices are unaffordable for average wage earners in 66 percent of the U.S. counties analyzed, according to ATTOM Data Solutions’ U.S. Home Affordability Report.

 

That affordability figure was 70.4 percent in the fourth quarter of 2019 and 69.8 percent one year ago, ATTOM found. Owning a median-priced home in the first quarter of 2020 ($252,500) consumed 31.1 percent of the national average wage, down from 31.4 percent in the fourth quarter of 2019 and 31.6 percent in the first quarter of 2019, to the lowest percentage since the fourth quarter of 2017

 

“Home affordability has inched ahead this year across the United States as buying a house or a condo gets closer and closer to the level where the average wage earner can swing the deal within standard lending guidelines,” ATTOM Chief Product Officer Todd Teta said in a release. “While the national median price still remains a bit out of reach for the average wage earner, the affordability gap has narrowed to the smallest point in more than two years.

 

“It seems bizarre that median home prices have risen 8 percent over the past 12 years while average wages grew by less than half that amount,” Teta said. “But falling interest rates continue making up the difference, dropping monthly home ownership payments in a majority of the country.”

 

The most-populous counties where a median-priced home in the first quarter are not affordable for average wage earners are Los Angeles County, California; Maricopa County (Phoenix), Ariz.; San Diego County, Calif.; Orange County, Calif. (in the Los Angeles metropolitan statistical area) and Miami-Dade County, Fla.

 

The report said the median-priced home in 34 percent of counties analyzed were affordable for average wage earners, including in Cook County (Chicago) Ill.; Harris County (Houston), Texas; Dallas County, Texas; Wayne County (Detroit), Mich.; and Philadelphia County, Pa.

 

“All that may change in a huge way over the next few months as the impact of the coronavirus hits the housing market,” Teta said. “We are entering a period of great uncertainty. But in the initial months of the year, the picture has appeared to continue to brighten for home seekers.”

Today's other top stories
Markets most threatened by pandemic
New Jersey agency acquires Pennsylvania title company
REX, Qualia partner
Notarize names chief commercial officer
SimpleNexus adds marketing VP


COMMENT BOX DISCLAIMER:
October Research is not responsible for the comments posted on its websites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.
Comments:

Be the first to leave a comment.

Leave your comment
CAPTCHA Validation
CAPTCHA
Code:
: 
: 
Your Email is for reporting purposes only. It will NOT be displayed.
Popularity:
This article has been viewed 2839 times.

Tweets from @TheTitleReport/lists/around-the-industry
News by Topic   News by Edition   Special Reports   Resources   Store
Announcements
Conference Coverage
Cyberawareness
Industry News
Market Data
People on the Move
Technology
Trendsetters
The TRID Journey
 
November 23, 2020
December 7, 2020
January 4, 2021
January 18, 2021
February 1, 2021
Archives
 
State of the Industry Report
Voice of the Title Agent Report
Title Technology Report
CFPB Anniversary Report
Trendsetters
Archives
 
 
Best Practices Provider Directory
Social Media
 
Webinars
Special Reports
The Summit (NS3)
Other Newsletters
The Legal Description
RESPA News
Valuation Review
Dodd Frank Upate
    About   Subscribe  
   
The Title Report
Contact / Editors
Advertise
Are You An Expert?
Subscriber Agreement
 
Newsletter Subscriptions
Free Email Updates
Try a Free Edition
 
                 
Copyright © 1999-2021 The Title Report
An October Research, LLC publication
3046 Brecksville Road, Suite D, Richfield, OH 44286
(330) 659-6101, All Rights Reserved
www.thetitlereport.com | Privacy Policy
VISIT OUR OTHER WEBSITES
> Valuation Review
> RESPA News
> The Legal Description
> Dodd Frank Update
> The October Store


Loading... Loading...
Featuring:
  • Delivery 3X a week plus breaking news as it happens
  • Comprehensive title insurance industry news
  • Recent acquisitions, mergers, real estate stats
  • Exclusive in-depth coverage of the industry's hottest stories
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Comprehensive Dodd-Frank coverage
  • The latest information from the CFPB
  • Full coverage of Congressional hearings
  • Updates on all agency actions
  • Analysis of controversial provisions
  • Release of newest studies and reports
Sign up today and...
  • Be one of the first to know where NS3 is being held
  • Learn about NS3 speakers and sessions
  • Save on registration with Super-Early Bird rates
  • Discover the networking opportunities NS3 offers
  • Find out if CE credits will be offered for your area
  • And much more
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Preview the latest RESPAnews.com Top Story
  • RESPA related headline news
  • Quote of the Week
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Legal, regulatory and legislative information impacting the settlement services industry
  • News from HUD, Congress, state legislatures and other regulatory agencies
  • Follow the lobbying efforts of all the major national real estate services organizations.
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • The industry's only full-time newsroom
  • Relevant, up-to-date appraisal industry news
  • Covering the hottest stories and industry trends
NEWS BY TOPIC
NEWS BY EDITION
SPECIAL REPORTS
RESOURCES
EMAIL UPDATES
ABOUT
WEBINARS
SUBSCRIBE
Announcements
Conference Coverage
Cyberawareness
Industry News
Market Data
People on the Move
Technology
Trendsetters
The TRID Journey
Nominate a Trendsetter
What is Trendsetters
Current Edition
January 4, 2021
December 7, 2020
November 23, 2020
Archives
2021 State of the Industry
iBuyer Report
2020 Voice of the Title Agent
2020 Title Technology
2020 CFPB Anniversary Report
The New GSE Focus
Grow Your Business
Trendsetters
Archives
Nominate a Trendsetter
What is Trendsetters?
eClosing Solutions Showcase
Best Practices Provider Directory
Social Media
Industry Partners
The Title Report
Contact Us
Advertise
Are You An Expert?
Subscriber Agreement
View All @ OctoberStore.com
Sales Strategies for Success
Economic and Regulatory Outlook
Evolving Realtor Relationships
Evolving Vendor Relationships
Mastering MSAs
eClosing: Questions Answered
Evolving Lender Relationships
Ready, Set... RON! Part 2
Ready, Set... RON!
2019 Webinars