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Home Price Gains Have Outsized Affordability Impacts

Home Price Gains Have Outsized Affordability Impacts

According to the National Association of Homebuilders (NAHB), 87.5 million households, 69 percent of the nation’s total, cannot afford to buy a new median priced home because they lack sufficient incomes to qualify for a mortgage under standard underwriting criteria. The figure comes from NAHB’s annual “priced out estimates” which show how higher prices and interest rates affect affordability. The author of the study, Na Zhao, says affordability was determined using a median new home price of $412,506 and a mortgage rate of 3.50 percent. This resulted in a monthly mortgage payment of $1,822. Given those parameters, as well as a fixed price of $493 for taxes and insurance, he estimated that the median household income needed to qualify for a mortgage is $99,205 per year. With that
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