Housing Not Affordable for Many, Despite Lower Prices
According to a report by RealtyTrac, the issue of affordability in housing is measured very differently today than it used to be.
“A real estate market that should be flying high is instead a real estate market that is faltering,” explained Brian Mushaney, Executive Vice President, Data Solutions, for RealtyTrac.
Although housing prices and interest rates are down to historic lows, incomes are also down. According to Mortgage News Daily, “It takes $1,430 today to purchase goods and services costing $1,000 in 1999,” leaving a smaller percentage of income available for housing.
Image via flickr/Tax Credits