{"id":2358,"date":"2018-06-21T10:00:09","date_gmt":"2018-06-21T10:00:09","guid":{"rendered":"https:\/\/thezakariagroup.com\/homes-are-more-affordable-in-44-out-of-50-states\/"},"modified":"2018-06-21T10:00:09","modified_gmt":"2018-06-21T10:00:09","slug":"homes-are-more-affordable-in-44-out-of-50-states","status":"publish","type":"post","link":"https:\/\/thezakariagroup.com\/homes-are-more-affordable-in-44-out-of-50-states\/","title":{"rendered":"Homes are More Affordable in 44 out of 50 States"},"content":{"rendered":"<div>\n<p><img fetchpriority=\"high\" decoding=\"async\" width=\"648\" height=\"354\" src=\"http:\/\/files.simplifyingthemarket.com\/wp-content\/uploads\/2018\/06\/19141449\/20180621-Share-STM.jpg\" class=\"webfeedsFeaturedVisual wp-post-image\" alt=\"Homes are More Affordable in 44 out of 50 States | Simplifying The Market\" style=\"display: block; margin-bottom: 5px; clear:both;max-width: 100%;\" srcset=\"http:\/\/files.simplifyingthemarket.com\/wp-content\/uploads\/2018\/06\/19141449\/20180621-Share-STM.jpg 750w, http:\/\/files.simplifyingthemarket.com\/wp-content\/uploads\/2018\/06\/19141449\/20180621-Share-STM-549x300.jpg 549w\" sizes=\"(max-width: 648px) 100vw, 648px\"><\/p>\n<p>With both home prices and mortgage rates increasing this year, many are concerned about a family\u2019s ability to purchase a major part of the American Dream \u2013 its own home. However, if we compare housing affordability today to the average affordability prior to the housing boom and bust, we are in much better shape than most believe.<span id=\"more-37687\"><\/span><\/p>\n<p>In <em>Black Knight<\/em>\u2019s latest monthly <em><a href=\"http:\/\/www.blackknightinc.com\/wp-content\/uploads\/2018\/05\/BKI_MM_Apr2018_Report.pdf\">Mortgage Monitor,<\/a><\/em> they revealed that in the vast majority of the country, it is actually <strong><em>more<\/em><\/strong> affordable to purchase a home today than it was between 1995 to 2003 when looking at mortgage payments (determined by price and interest rate) as compared to incomes. Home prices are up compared to 1995-2003, but mortgage rates are still much lower now than at that time. Today, they stand at about 4.5%. Here are the average mortgage rates for each of the years mentioned:<\/p>\n<ul>\n<li>1995 \u2013 7.93%<\/li>\n<li>1996 \u2013 7.81%<\/li>\n<li>1997 \u2013 7.6%<\/li>\n<li>1998 \u2013 6.94%<\/li>\n<li>1999 \u2013 7.44%<\/li>\n<li>2000 \u2013 8.05%<\/li>\n<li>2001 \u2013 6.97%<\/li>\n<li>2002 \u2013 6.54%<\/li>\n<li>2003 \u2013 5.83%<\/li>\n<\/ul>\n<p>On the other hand, wages have <em>risen<\/em> over the last twenty years.<\/p>\n<p><em>Black Knight<\/em>\u2019s research revealed that, when comparing <em>\u201cthe share of median income required to buy the median-priced home\u201d<\/em> today, to the average between 1995 to 2003, it is currently more affordable to purchase a home in 44 of 50 states.<\/p>\n<p>Here is a state map of the percentage change in the price-to-payment ratio. Positive numbers indicate that it is less affordable to buy while negative numbers indicate that it is more affordable.<\/p>\n<p><a href=\"http:\/\/files.simplifyingthemarket.com\/wp-content\/uploads\/2018\/06\/19141500\/20180621-SPA-ENG.jpeg\"><img decoding=\"async\" class=\"alignnone wp-image-37690\" src=\"http:\/\/files.simplifyingthemarket.com\/wp-content\/uploads\/2018\/06\/19141500\/20180621-SPA-ENG.jpeg\" alt=\"Homes are More Affordable in 44 out of 50 States | Simplifying The Market\" width=\"650\" height=\"488\" srcset=\"http:\/\/files.simplifyingthemarket.com\/wp-content\/uploads\/2018\/06\/19141500\/20180621-SPA-ENG.jpeg 2000w, http:\/\/files.simplifyingthemarket.com\/wp-content\/uploads\/2018\/06\/19141500\/20180621-SPA-ENG-400x300.jpeg 400w, http:\/\/files.simplifyingthemarket.com\/wp-content\/uploads\/2018\/06\/19141500\/20180621-SPA-ENG-1024x768.jpeg 1024w\" sizes=\"(max-width: 650px) 100vw, 650px\"><\/a><\/p>\n<h3><strong>Bottom Line<\/strong><\/h3>\n<p>Whether you are moving up to the home of your dreams or purchasing your first house, it is a great time to buy when looking at historic affordability data.<\/p>\n<\/div>\n<p class=\"wpematico_credit\"><small>Powered by <a href=\"http:\/\/www.wpematico.com\" target=\"_blank\">WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"<p>With both home prices and mortgage rates increasing this year, many are concerned about a family\u2019s ability to purchase a major part of the American Dream \u2013 its own home. However, if we compare housing affordability today to the average affordability prior to the housing boom and bust, we are in much better shape than [&hellip;]<\/p>\n","protected":false},"author":101010,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[98,99,104,101,108],"tags":[],"jetpack_publicize_connections":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Homes are More Affordable in 44 out of 50 States - The Zakaria Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thezakariagroup.com\/homes-are-more-affordable-in-44-out-of-50-states\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Homes are More Affordable in 44 out of 50 States - The Zakaria Group\" \/>\n<meta property=\"og:description\" content=\"With both home prices and mortgage rates increasing this year, many are concerned about a family\u2019s ability to purchase a major part of the American Dream \u2013 its own home. 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