Housing and Construction Table 9 National Affordability Index (Third Quarter 2021)
Years
Median Price Existing Single Family Home
Mortgage Rate
Monthly P & I Payment
Payment as % of Income
Median Family Income
Qualifying Income
Composite
2020
300,200 363,700
3.17 2.92
1,035 1,214
14.6 16.6
84,969 87,874
49,680 58,281
171.0 150.8
Q3 2021
Description: • Composite Index measures affordability. An index of 150 means that a family earning the median family income has 150% of income necessary to quality for a conventional loan covering 80% of a median price family home. Analysis: • The median price of a single-family home has increased by a staggering 21% since 2020! • The increase in home prices has reduced the Composite Index from 171 to 150.8, indicating declining affordability de-
spite lower mortgage rates and higher median family income. • Qualifying income has increased from $49,680 to $58,281. Table 10
Median Home Prices and Home Sales (Third Quarter 2021) Wisconsin Marathon Portage
Wood
2021 Q3
% ∆ Yr. Ago
2021 Q3
% ∆ Yr. Ago
2021 Q3
% ∆ Yr. Ago
2021 Q3
% ∆ Yr. Ago
Median Home Prices
250,000 8.70 200,000 4.16 229,950 6.95 167,050 20.26
Home Sales
26,690 -7.57
520
-17.72
244
-13.78
322
9.15
Description: • Above table gives median home prices and home sales for the state of Wisconsin and the counties of Central Wisconsin. • If you list home prices from lowest to highest, the median home price is the one at the half way point. Analysis: • With the exception of Wood County, increases in median home prices have been more modest than in the nation overall. • Along with the state overall, the decline in home sales combined with higher prices in Marathon and Portage counties implies a decrease in the supply of homes for sale in these areas over the last year. • The increase in home sales combined with significantly higher prices implies an increase in the demand for homes in Wood County.
16
Center for Business and Economic Insight
Made with FlippingBook Learn more on our blog