Posts Tagged ‘benchmark’

Housing Affordability Still Strong Despite Price Increases

Posted on November 14, 2017 by Laura Lam

Home prices continue to increase, yet affordability actually improved since July, according to the latest Mortgage Monitor report from Black Knight.  As of September, the average homeowner needed 21.4% of their median income to purchase a home. This is actually down from July’s post-recession peak of 21.7% and low by historical standards.  For comparison, an average 24.2% of the median income was required to purchase a home from 1995 to 1999. That increased to 26.2% in the years before the housing boom from 2000 to 2003. Interest rates declined about 40 basis points over the past 6 months, offering the opportunity…