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Home Affordability Silver Linings Some bright signs behind the dark cloud of deteriorating home affordability
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Poor home affordability continued to cloud the U.S. housing market in the fourth quarter of 2018, with home prices at the least affordable level since Q3 2008 — a more than 10-year low, according to the ATTOM Data Solutions Q4 2018 U.S. Home Affordability Report. But there were some signs of home affordability silver linings in the Q4 2018 data, particularly at the local level.
The Dark Cloud
of local housing markets are less affordable than historic averages
76 %
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Affordability Silver Lining
Orange County, California 1% more affordable Miami-Dade County, Florida 4% more affordable
San Diego County, California 2% more affordable Harris County, Texas (Houston) 1% more affordable Cook County, Illinois (Chicago) 6% more affordable
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Wage Growth Silver Lining
San Francisco County, California 7% wage growth King County, Washington (Seattle) 7% wage growth
Suffolk County, Massachusetts (Boston) 6% wage growth New York County, New York (Manhattan) 5% wage growth
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Santa Clara County, California (San Jose) 7% wage growth
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METHODOLOGY
The ATTOM Data Solutions U.S. Home Affordability Index analyzes median home prices derived from publicly recorded sales deed data collected by ATTOM Data Solutions and average wage data from the U.S. Bureau of Labor Statistics in 469 U.S. counties with a combined population of more than 220 million. The affordability index is based on the percentage of average wages needed to make monthly house payments on a median-priced home with a 30-year fixed rate mortgage and a 3 percent down payment, including property taxes, home insurance and mortgage insurance. Average 30-year fixed interest rates from the Freddie Mac Primary Mortgage Market Survey were used to calculate the monthly house payments.
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