The National Association of Realtors’ Housing Affordability Index measures the relationship between median home price, family income, and average mortgage rate to determine how affordable it is to buy a home in the current housing market. During the first quarter of 2012, the index reached a record high of 205.9. According to the report, a household earning approximately $61,000 could afford a $325,500 home. Moe Veissi, NAR’s president, said there has never been better housing affordability conditions or market opportunities as there are today for potential home buyers. A component index tracking affordability conditions for first-time buyers hit a record high as well. Based on affordability factors, a typical first-time buyer making 65 percent of the median family income could afford a home costing $182,500. More here.


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