Real estate prices and interest rates are on the rise.
Both rising interest rates and higher-priced homes the first part of 2015 are lessening home affordability for would-be homebuyers.
- Only 30% of potential homebuyers can afford the average-priced, single-family residence
- The median price of a single-family home is $485,100
- To qualify for a home loan to buy such a home, the average annual income needed is $96,160
- The median-priced home requires a monthly payment of $2,404 (which includes taxes and insurance on a 30-year, fixed-rate loan)