The combined cost of mortgages, taxes and insurance now takes up a larger share of household income than it has since the early 1980s, according to an affordability index from John Burns Research & Consulting. The company’s newest National Housing Market Outlook shows that buyers are gravitating toward government-backed loans in their search for affordability.
The Burns Affordability Index, which measures the ratio of housing costs to income, is now at 42.4%, a figure that’s well above the historic norm of 32.8%. Chris Porter, a senior vice president at the firm and the author of the latest outlook, said details ⇒
BusinessMediaguide.Com portal received this content from this noted web source: HousingWire.Com