Is It Getting More Affordable To Buy a Home?
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by Natalie Martinez
- April 18, 2024
- Affordability, For Buyers
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Over the past year or so, a lot of people have been talking about how tough it is to
Check out the blue dotted line. That shows how wages typically rise. If you look at the right side of the graph, you’ll see wages are climbing even faster than normal right now.
Here’s how this helps you. If your income has increased, it’s easier to afford a home because you don’t have to spend as big of a percentage of your paycheck on your monthly mortgage payment.
Bottom Line
If you stack these factors up, you’ll see mortgage rates are still projected to come down a bit later this year, home prices are going up at a more moderate pace, and wages are growing quicker than normal. Those trends are a good sign for your ability to afford a home.
