Homes Are Still Affordable, Consumers Say

    Even with record-breaking luxury properties frequenting the national real estate market, home ownership is still affordable according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index report. Over 60 percent of the homes sold in the third quarter were deemed affordable for families earning the national median income of $65,700 annually.

    According to NAHB Chairman Ed Brady, “historically-low interest rates and firming job growth are positive indicators that housing markets across the nation will continue to gradually improve.” NAHB Chief Economist Robert Dietz adds, “attractive mortgage rates, rising incomes and growing household formations make this an excellent time to buy.”

    While home prices are being affected by the rising costs of land and labor, those price increases are not shutting out the average American homebuyer, yet. With a shortage of buildable lots, cities across America are seeing rising lot values, which is seen in resulting home prices. Now is an excellent time to buy, especially for those future homeowners with a close eye on the market.

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