Affordable Counties for Homeowners
Affordable Counties for Homeowners
Home prices surging has been squeezing housing affordability. Seventy-five percent of the U.S. counties recently analyzed had less affordable median-priced single-family homes in the third quarter compared to their historical averages, according to ATTOM Data Solutions, a real estate data firm.
Home prices are rising faster than wages in most of the country. Record low mortgage rates have helped home buyers offset some of these higher prices.
Major ownership costs on the typical home accounted for nearly 25% of the average national wage of $64,857 in the third quarter, according to the study. ATTOM’s report factors housing affordability for average wage earners by calculating the amount of income needed to meet monthly homeownership expenses, including mortgage, property taxes, and insurance on a median-priced home. It assumes a 20% down payment and a 28% maximum debt-to-income ratio.
Still, while housing affordability has been stretched, major homeownership expenses on a typical home are still affordable to average local wage earners in 53% of the counties analyzed, according to the report.
On the other hand, the following markets are where the highest annual wages are needed to afford a median-priced home.
Source:
©National Association of REALTORS®
Reprinted with permission
admin
For all of your Real Estate needs, place yourself in the competent hands of a career Realtor who is a Philadelphia native and Delaware County resident. Skilled, smart and enthusiastic about his work and his life, Anthony DiDonato has the appealing combination of business sense and people skills gives him an edge in an industry that demands both.
Educated at Drexel University with a dual major in accounting and finance and minors in management and psychology Anthony DiDonato offers over 25 years of experience in the real estate industry. He has been a real estate investor since 1985 and a member of H.A.P.C.O. (Landlord Association). He became a licensed Realtor in 1992 and a member of the Local, Pennsylvania and National Associations of Realtors. Anthony DiDonato is also a member of the Computerized Multiple Listings, (MLS) and Internet Marketing Programs. In 1997 Anthony DiDonato became Century 21 All-Elite, Inc. Corporate Secretary.
Anthony DiDonato believes in taking his profession to the highest level of quality service. He is known for finding that “perfect” property in Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania for his buyers and helping his sellers prepare their properties so they sell quickly and efficiently.
When it comes time to negotiate the terms of a contract, Anthony DiDonato has the knowledge, experience, and professionalism applied to meeting – or exceeding – his clients’ expectations. His service to his clients is second to none. His honesty and integrity have been his claim to fame.
For Superior Real Estate Representation in the Delaware Valley, Philadelphia, Delaware County, Chester County, Montgomery County and surrounding areas in Pennsylvania… call Anthony DiDonato.