Jul 1, 2011
How affordable is housing today? Since 1963, it has cost an average of approximately 43% of per capita (or individual income) to finance the cost of a median priced home (20% down payment with a 30 year fixed rate mortgage). Right now, it's only about half of that cost at about 22%.
You won't find this little history lesson in the news because the news is about the moment and the more dramatic the better. Taking a rational, longer term view of things makes more sense and is particularly true when it comes to a home that is usually owned for years rather than days or months.
Smart buyers are using this affordability advantage to strike the best possible deal on a home today. People are still moving to Dallas and whether they are buying or leasing, they all need a place to live. [where: 75230]