Median-priced single-family homes and condos remained less affordable during the third quarter compared to historical averages in 99% of counties around the nation, according to a new data report from ATTOM.
The national median price for single-family homes and condos was $365,000 in the third quarter, up by 1.4% from the previous quarter and up 6.6% from one year earlier. Major expenses on median-priced homes – mortgage payments, homeowner insurance, mortgage insurance and property taxes nationwide – was $2,045, roughly 33.5% of the average national wage. This is a slight improvement from the 34.7% in the second quarter and virtually unchanged from one year ago; ATTOM noted this was also above the common 28% lending guideline.
The portion of average local wages consumed by major expenses on median-priced single-family homes and condos dropped quarterly in 426, or 73.7%, of the 578 counties analyzed for this data report.
“Home affordability continues to show signs of easing, which lightens the pressure on house hunters struggling to find a place that fits their budget,” said Rob Barber, CEO for ATTOM. “The cost of owning a home across much of the nation remains a tough go for average workers, exceeding levels preferred by banks and other lenders. But it is at least tracking in the right direction. That’s mainly because of declining interest rates.”
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