RealtorMag
Housing affordability is worsening nationwide, beyond just the coastal markets. The median home price was not affordable to the average wage earner in 68 percent of counties tracked in the first quarter of 2018, according to a new report by ATTOM Data Solutions.
ATTOM researchers determined affordability for average wage earners by calculating the amount of income needed to make a monthly house payment (including mortgage, property taxes, and insurance) on a median-priced home. Researchers factored in an assumed 3 percent down payment and 28 percent maximum debt-to-income ratio.
