{"id":673,"date":"2017-02-08T00:00:00","date_gmt":"2017-02-08T00:00:00","guid":{"rendered":"https:\/\/amazingproperty.com.ng\/blog\/expect-more-gripes-about-home-affordability\/"},"modified":"2017-02-08T00:00:00","modified_gmt":"2017-02-08T00:00:00","slug":"expect-more-gripes-about-home-affordability","status":"publish","type":"post","link":"https:\/\/amazingproperty.com.ng\/blog\/expect-more-gripes-about-home-affordability\/","title":{"rendered":"Expect More Gripes About Home Affordability"},"content":{"rendered":"

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Housing<\/a> affordability dropped to the lowest level in seven years at the end of 2016. It now takes 22.2 percent of a person\u2019s median income to make the monthly principal and interest payment on a median-priced home, according to new findings from Black Knight Financial Services. That amounts to a 10 percent increase in the fourth quarter alone.<\/p>\n

Economists blame rising mortgage<\/a> rates, price increases, and sluggish income growth for the growing housing affordability problem.<\/p>\n

Home prices increased gradually throughout last year. In December 2016, home prices were 7.2 percent higher compared to a year ago, according to CoreLogic. Some markets, such as California, Colorado, and Texas, prices are reaching new record highs as well.<\/p>\n

Still, “nationally, homes remain more affordable than pre-bubble ‘norms,’ but it’s clear that the market is now experiencing the most pressure \u2014 from an affordability perspective \u2014 since the housing recovery began,” says Ben Graboske, executive vice president of Black Knight Data & Analytics.<\/p>\n

Source: \u201cHouses Are the Least Affordable They\u2019ve Been in Seven Years: Here\u2019s Why<\/a>,\u201d CNBC (Feb. 7, 2017)<\/em><\/p>\n<\/div>\n<\/div>\n

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[ad_1] Housing affordability dropped to the lowest level in seven years at the end of 2016. … Expect More Gripes About Home Affordability<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":674,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"jetpack_seo_schema_type":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4],"tags":[1330,12908,543,127,617,489,344,408,1295,41,818,15296],"class_list":["post-673","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-opportunities-in-new-markets","tag-financial","tag-home","tag-home-buying-guide","tag-homes","tag-house","tag-houses","tag-housing","tag-mortgage","tag-mortgage-rate","tag-property","tag-real","tag-target"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack-related-posts":[{"id":729,"url":"https:\/\/amazingproperty.com.ng\/blog\/home-prices-are-soaring-to-new-highs\/","url_meta":{"origin":673,"position":0},"title":"Home Prices Are Soaring to New Highs","author":"Amazing Property","date":"February 10, 2017","format":false,"excerpt":"[ad_1] Home price appreciation picked up speed in the final three months of 2016, prompting the majority of metro areas to soar to new record highs with home prices, the National Association of REALTORS\u00ae\u2019 latest quarterly report reveals. Of the 150 markets NAR has tracked since 2005, 52 percent \u2013\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":6890,"url":"https:\/\/amazingproperty.com.ng\/blog\/nar-home-prices-accelerate-in-third-quarter\/","url_meta":{"origin":673,"position":1},"title":"NAR: Home Prices Accelerate in Third Quarter","author":"Amazing Property","date":"November 1, 2017","format":false,"excerpt":"Constrained inventories are pushing up home prices at a rapid pace in nearly all major metro areas in the third quarter, the National Association of REALTORS\u00ae reported Thursday.\u00a0 The national median existing single-family home price in the third quarter was $254,000, up 5.3 percent from the median a year ago\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"Regional Ehs 3qu17.png","src":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/regional_ehs_3QU17.png?fit=620%2C286&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/regional_ehs_3QU17.png?fit=620%2C286&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/11\/regional_ehs_3QU17.png?fit=620%2C286&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":3778,"url":"https:\/\/amazingproperty.com.ng\/blog\/will-lower-rates-create-buyer-frenzy\/","url_meta":{"origin":673,"position":2},"title":"Will Lower Rates Create Buyer Frenzy?","author":"Amazing Property","date":"April 24, 2017","format":false,"excerpt":"Mortgage rates have dropped below 4 percent for the first time since November, and home buyers likely will want to take advantage of the lower borrowing costs. The average 30-year fixed-rate mortgage fell to 3.97 percent for the week ending April 20, according to Freddie Mac's weekly mortgage market survey.\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":835,"url":"https:\/\/amazingproperty.com.ng\/blog\/housing-crunch-to-hold-in-most-price-ranges\/","url_meta":{"origin":673,"position":3},"title":"Housing Crunch to Hold in Most Price Ranges","author":"Amazing Property","date":"February 17, 2017","format":false,"excerpt":"[ad_1] Home buyers at many income levels likely will see an inadequate amount of homes for sale in their price range in the coming months, according to a new housing affordability model created by the National Association of REALTORS\u00ae and realtor.com\u00ae. The new Affordability Distribution Curve\u2014which culls data from mortgages,\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":1139,"url":"https:\/\/amazingproperty.com.ng\/blog\/existing-home-sales-reach-decade-high\/","url_meta":{"origin":673,"position":4},"title":"Existing-Home Sales Reach Decade High","author":"Amazing Property","date":"February 22, 2017","format":false,"excerpt":"[ad_1] Existing-home sales in January reached their fastest pace in nearly a decade, with all major regions except the Midwest posting gains last month, the National Association of REALTORS\u00ae reports. Sales By Region Here's how existing-home sales fared across the country in January: Northeast: Rose 5.3 percent to an annual\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":806,"url":"https:\/\/amazingproperty.com.ng\/blog\/the-10-most-affordable-places-to-live-in-u-s\/","url_meta":{"origin":673,"position":5},"title":"The 10 Most Affordable Places to Live in U.S.","author":"Amazing Property","date":"February 16, 2017","format":false,"excerpt":"Most Affordable Places in America Home affordability is more than the price a buyer agrees to pay a seller. In a new study, SmartAsset factored in closing costs, real estate taxes, homeowner\u2019s insurance, and mortgage rates for every county and city in the U.S. with a population of more than\u2026","rel":"","context":"In "Opportunities In New Markets"","block_context":{"text":"Opportunities In New Markets","link":"https:\/\/amazingproperty.com.ng\/blog\/category\/opportunities-in-new-markets\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"jetpack_featured_media_url":"https:\/\/amazingproperty.com.ng\/blog\/wp-content\/uploads\/2017\/02\/PJW_8pQwKxc","_links":{"self":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/673","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/comments?post=673"}],"version-history":[{"count":0,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/posts\/673\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media\/674"}],"wp:attachment":[{"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/media?parent=673"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/categories?post=673"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/amazingproperty.com.ng\/blog\/wp-json\/wp\/v2\/tags?post=673"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}