It’s Getting More Affordable To Buy a Home
Posted by Exit Realty on
Buying a home is getting more affordable.
Monthly payments have started to come down, and the squeeze buyers have been feeling for the past few years is slowly loosening. Now, that doesn’t mean everyone can suddenly afford a home, but with how tough the market’s been, the improvement we’re seeing matters.
Affordability Is Finally Moving in the Right Direction
One of the best ways to see this shift is by looking at how much of a household’s income it takes to buy a home.
According to Zillow, housing is typically considered affordable when it takes 30% or less of your monthly income to cover your expenses. That includes your mortgage payment, taxes, insurance, and basic maintenance.
For the past few years, the math was well above that…
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