By some measures, it has been two decades since homes were as affordable as they are now. If affordability is measured as the ratio of median home price to median family income, the ratio on a nationwide basis is 2.6 compared with the long-term average of 2.8 and a peak ratio of 4.1 in 2005. While these figures represent the average, not the extremes, and exceptions certainly exist, they point to a trend. To look at home affordability another way, since 2006, the average principal-and-interest payment has fallen from $1063 to $644. Again, interest rates fluctuate, but the trend is clear. Prospective buyers should take these statistics into careful consideration when it comes to deciding to take action.
Lower interest rates and home prices have made buyer far more accessible that it has been in a long time. Now may be the time to purchase property. To learn more, reach CENTURY 21 SEXTON & DONOHUE today at (781) 665-6660. We will arrange a meeting when we will discuss your real estate needs and expectations. The office is conveniently located at 29 Essex St., just across the street from Shaw’s. We are "A Team Effort”. Meeting your real estate goals is our #1 priority!
HINT: As many have turned to renting as an alternative to buying a home, rental vacancy rates are generally falling and rents are increasing.
CENTURY 21 Sexton & Donohue
