CBEI Central Wisconsin Fall 2024 Report

Housing and Construction Table 11 National Affordability Index (Third Quarter 2024)

Years

Median Price Existing Single Family Home

Mortgage Rate

Monthly P & I Payment

Payment as % of Income

Median Family Income

Qualifying Income

Composite

2023 Q3 2024 Q3

$399,200 $418,600

7.28 6.26

$2,185 $2,017

26.6 23.7

$98,705 $102,136

$104,880 $96,816

94.1

105.5

Description: • Composite Index measures affordability. An index of 150 means that a family earning the median family income has 150% of income necessary to qualify for a conventional loan covering 80% of a median price single-family home. Analysis: • Despite higher median home prices, home affordability improved over the last year largely due to rising incomes and lower mortgage rates. • Despite the improvement, housing remains much less affordable today than two or more years ago.

Table 12 Median Home Prices and Home Sales (Third Quarter 2024) Wisconsin Marathon Portage

Wood

2024 Q3

% ∆ Yr. Ago

2024 Q3

% ∆ Yr. Ago

2024 Q3

% ∆ Yr. Ago

2024 Q3

% ∆ Yr. Ago

Median Home Prices

$318,083

6.9 $254,417 2.4 $290,950 10.1 $215,367 10.6

Home Sales

19,492

-1.7

412

-8.4

171

-19.0

259

9.3

Description: • Above table gives median home prices and sales for the state of Wisconsin and counties of Central Wisconsin. • If you list home prices from lowest to highest, the median home price is at the halfway point. Analysis: • Median home prices for Marathon, Portage, and Wood Counties have increased over the last year. • The reduction in home sales along with higher prices at the state level and for Marathon and Portage Counties implies that there has been a decrease in the supply of homes for sale. • The increase in home sales in Wood County combined with higher prices suggests there has been an increase in the demand for homes there.

20

Center for Business and Economic Insight

Made with FlippingBook Learn more on our blog