What? I just pass on news, I don’t write it.
According to the Globe:
While the Boston-area housing market remains among the most expensive in the country, it is now relatively more affordable than it was earlier in the decade. Median home prices in metro Boston fell to $398,970 in 2007. That’s 4.2 times the median family income for the area of $94,169 – the lowest that this ratio, a common measure of housing affordability, has been since 2001, according to Moody’s Economy.com. Housing specialists consider prices affordable at three times income. The current national average is 3.5 times income.
Let’s see if that can possibly be true, even just on paper.
|Year||2000||2008||Fixed Rate||8.15%||6.40%||Median Home $||$275,000||$399,000||Median Income||$73,000||$94,200||Monthly Payment||$2,047||$2,496||% of Monthly Income||33.6%||31.7%|
Well, there you have it.
Buying a home is more affordable than it has been, in years!
Points to be taken away from this meaningless exercise?
* Numbers are fun;
* We don’t need the government, local, state, or federal, giving any assistance to anyone to keep their existing homes or to buy new homes (that has nothing to do with this post, but I thought I’d mention it, anyway);
* You can probably get a better rate today than 6.4%.
Source: Homing In – By Kimberly Blanton, The Boston Globe
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