Posts from October 30th, 2019

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October
30

How to Determine If You Can Afford to Buy a Home in Today's Market

October 30th, 2019 by Wes Atiyeh

Affording a Home

The gap between the increase in personal income and residential real estate prices has been used to defend the concept that we are experiencing an affordability crisis in housing today.

It is true that home prices and wages are two key elements in any affordability equation. There is, however, an extremely important third component to that equation: mortgage interest rates.

Mortgage interest rates have fallen by more than a full percentage point from this time last year. Today's rate is 3.75%; it was 4.86% at this time last year. This has dramatically increased a purchaser's ability to afford a home.

Here are three reports validating that purchasing a home is in fact more affordable today than it was a year ago:

Click Here to Read More...

Categories: buying

Tags: Homes, Rva, Buying

Posts from October 30th, 2019

How to Determine If You Can Afford to Buy a Home in Today's Market

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