With rents rising across the country, buying a home becomes increasingly more affordable. According to National Association of Realtors’ chief economist Lawrence Yun, buying a home is more affordable now than it has been at any time in the past 40 years. A family earning the national median of $62,000 would pay 13.5 percent of their monthly income on a median priced home, according to the NAR. Jim Glassman, senior economist at J.P. Morgan Chase, says the correction in house prices and home building is really the cure for the housing market’s problems and, as supply and demand become more balanced, the pace of the recovery will accelerate. More here.
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