Moving Up Is More Affordable Now Than In Almost 40 Years

Dated: 03/19/2018

Views: 203

Moving Up Is More Affordable Now Than In Almost 40 Years

If you are considering selling your current home, to either move up to a larger home or into a home in an area that better suits your current family needs, great news was just revealed.

Last week, Trulia posted a blog, Not Your Father’s Housing Market, which examined home affordability over the last 40+ years (1975-2016). Their research revealed that:

“Nationally, homes are just about the most affordable they’ve been in the last 40 years… the median household could afford a home 1.5 times more expensive than the median home price. In 1980, the median household could only afford about 3/4 of the median home price.

Despite relatively stagnant incomes, affordability has grown due to the sharp drop in mortgage rates over the last 30 years – from a high of over 16% in the 1980s to under 4% by 2016.

There is no doubt that with home prices and mortgage rates on the rise, the affordability index will continue to fall. That is why if you are thinking of moving up, you probably shouldn’t wait.

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Bottom Line

If you have held off on moving up to your family’s dream home because you were hoping to time the market, that time has come.

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Rich Conrad

One of my primary goals in real estate is to assist buyers in finding the home of their dreams and help sellers sell their home in the quickest time possible, and at the highest price (while minimizi....

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