Buying a Home Is Still Affordable
Jenna Davis May 25, 2021
Jenna Davis May 25, 2021
#jennadavishomes #theclosers @realtorjennadavis
There are three main factors that go into determining how affordable homes are for buyers:
The National Association of Realtors (NAR) produces a Housing Affordability Index. It takes these three factors into account and determines an overall affordability score for housing. According to the index, homes are more affordable now than they’ve been at any point since the housing crash when distressed properties (foreclosures and short sales) dominated the market. Those properties were sold at large discounts not seen before in the housing market for almost one hundred years. Why are homes so affordable today? Although there are three factors that drive the overall equation, the one that’s playing the largest part in today’s homebuying affordability is historically-low mortgage rates.
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