Home Affordability is on the Upswing Nationwide
Affordability has improved across the country, according to data from the Mortgage Bankers Association (MBA), with the median home mortgage payment decreasing to $1,844 from $1,893 between June and July.
The lower payments now take up a smaller share of individual income across all home buyer demographics. Unfortunately, news for renters wasn't good, as rents continue to climb. Median rents increased 4.7% from $1,255 in the first quarter of 2022, to $1,314 in the second quarter. But the decrease in median mortgage payments may push renters and other potential buyers into the market.
* Specific loan program availability and requirements may vary. Please get in touch with the mortgage advisor for more information.