It seems like everyone’s talking about affordability and making an assumption that homes are less affordable than they have ever been. Not so fast…
Let’s look at home prices relative to the median income needed to purchase the home.
It’s true that home prices have appreciated year-over-year for the last 76 months in a row, largely driven by high demand and low supply.
According to a recent study by Zillow, the percentage of median income necessary to buy a home in today’s market (17.1%) is well below the mark reached in 1985 – 2000 (21%), as well as the mark reached in 2006 (25.4)!
Bottom line, interest rates would have to increase to 6% before buying a home would be less affordable than historical norms.
Source: Keeping Current Matters
Enjoy afternoons on the patio surrounded by a beautifully landscaped yard at 3712 Bromley Dr. Host family & friends in the formal dining room or appreciate your evenings at home by one of the two fireplaces! Upgraded kitchen w/ an island has everything you need to cook the perfect meal. Upstairs boasts large bedrooms w/ plenty of space for everyone. Walk to Front Range Village for dinner out or head to the park. Close to great schools, shopping & dining! Call for your private showing at 970-817-0906 for more information or click the link below for more details.
Enjoy time with family and friends at 4031 Capstone Ct in the spacious living room or treat yourself to a wonderful meal cooked in the open kitchen. The master bathroom offers a place to retreat in the huge soaking tub. Stay warm in front of the fire during the winter or kick back and enjoy the huge yard in the summer. A nice shed keeps all your tools and projects secure and the patio is a fantastic space for entertaining. You can’t beat this location close to great schools, Front Range Village and more! Contact me for your private showing at 970-817-0906 or click the link below for more details.