Across the nation, lower interest rates and home prices are giving a boost to housing affordability. This article from the National Association of Home Builders highlights some of the reasons why now is a great time for more Americans to become homeowners.
“Now is a great time for consumers to buy homes,” said NAHB Chairman Tom Woods. “Both first-time and move-up buyers can take advantage of these favorable market conditions and start building their American Dream.”
According to the latest NAHB/Wells Fargo Housing Opportunity Index, 66.5% of new and existing homes sold between January and the end of March were affordable to families earning the U.S. median income of $65,800. The national median home price declined from $215,000 in the fourth quarter to $210,000 in the first quarter. Meanwhile, average mortgage interest fell from 4.29 percent to 4.03 percent in the same period.
As housing affordability continues to improve, more consumers can discover the benefits of homeownership, including the fact that it is a primary source of net worth for many Americans, and is an important step in accumulating personal financial assets over the long term.
