It feels strange to write about Boston condo for sale affordability during a pandemic with high unemployment. Even though mortgage rates are down the cost of housing is outpacing wage growth.
According to the National Association of Realtors affordability has declines which is a kind of backward way of saying the housing is less affordable:
“Affordability is down in two of the four regions from last month. The South had a gain of 1.8% followed by the Midwest with an incline of 2.3%. The Northeast had a decline of 1.1% followed by the West with a dip of 2.3%.”
Housing. Regionally, the West has the highest mortgage payment to income share at 20.9% of income. The Northeast had the second highest share at 15.0% followed by the South with their share at 14.7%.
*The chart is a screen print from the National Association of Realtors web site.
Filed under: Making do
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