Table
11. Housing Affordability Index: 1970-Present
U.S. |
Affordability Indexes* |
Period |
Median
Existing Price |
Mortgage
Rate1 |
Median
Family Income |
Income
To Qualify |
Composite
|
Fixed
|
ARM |
Annual
Data |
1970 |
$23,000
|
8.35 |
$9,867
|
$6,697
|
147.3 |
147.3 |
147.3 |
1971 |
$24,800
|
7.67 |
$10,285
|
$6,770
|
151.9 |
151.9 |
151.9 |
1972 |
$26,700
|
7.52 |
$11,116
|
$7,183
|
154.8 |
154.8 |
154.8 |
1973 |
$28,900
|
8.01 |
$12,051
|
$8,151
|
147.9 |
147.9 |
147.9 |
1974 |
$32,000
|
9.02 |
$12,902
|
$9,905
|
130.3 |
130.3 |
130.3 |
1975 |
$35,300
|
9.21 |
$13,719
|
$11,112
|
123.5 |
123.5 |
123.5 |
1976 |
$38,100
|
9.11 |
$14,958
|
$11,888
|
125.8 |
125.8 |
125.8 |
1977 |
$42,900
|
9.02 |
$16,010
|
$13,279
|
120.6 |
120.6 |
120.6 |
1978 |
$48,700
|
9.58 |
$17,640
|
$15,834
|
111.4 |
111.4 |
111.4 |
1979 |
$55,700
|
10.92 |
$19,680
|
$20,240
|
97.2 |
97.2 |
97.2 |
1980 |
$62,200
|
12.95 |
$21,023
|
$26,328
|
79.9 |
79.9 |
79.9 |
1981 |
$66,400
|
15.12 |
$22,388
|
$32,485
|
68.9 |
68.9 |
68.9 |
1982 |
$67,800
|
15.38 |
$23,433
|
$33,713
|
69.5 |
69.4 |
69.7 |
1983 |
$70,300
|
12.85 |
$24,580
|
$29,546
|
83.2 |
81.7 |
85.2 |
1984 |
$72,400
|
12.49 |
$26,433
|
$29,650
|
89.1 |
84.6 |
92.1 |
1985 |
$75,500
|
11.74 |
$27,735
|
$29,243
|
94.8 |
89.6 |
100.6 |
1986 |
$80,300
|
10.25 |
$29,458
|
$27,047
|
108.9 |
105.7 |
116.3 |
1987 |
$85,600
|
9.28 |
$30,970
|
$27,113
|
114.2 |
107.6 |
122.4 |
1988 |
$89,300
|
9.31 |
$32,191
|
$28,360
|
113.5 |
103.6 |
122.0 |
1989 |
$93,100
|
10.11 |
$34,213
|
$31,662
|
108.1 |
103.6 |
114.3 |
1990 |
$95,500
|
10.04 |
$35,353
|
$32,286
|
109.5 |
106.5 |
118.3 |
1991 |
$100,300
|
9.30 |
$35,939
|
$31,825
|
112.9 |
109.9 |
124.2 |
1992 |
$103,700
|
8.11 |
$36,812
|
$29,523
|
124.7 |
120.1 |
145.0 |
1993 |
$106,800
|
7.16 |
$36,959
|
$27,727
|
133.3 |
128.4 |
154.9 |
1994 |
$109,900
|
7.47 |
$38,782
|
$29,419
|
131.8 |
122.2 |
149.5 |
1995 |
$113,100
|
7.85 |
$40,611
|
$31,415
|
129.3 |
123.7 |
140.0 |
1996 |
$115,800
|
7.71 |
$42,300
|
$31,744
|
133.3 |
129.6 |
142.9 |
1997 |
$121,800
|
7.68 |
$44,568
|
$33,282
|
133.9 |
130.8 |
145.2 |
1998 |
$128,400
|
7.10 |
$46,737
|
$33,120
|
141.1 |
139.7 |
151.0 |
1999 |
$133,300
|
7.33 |
$48,950
|
$35,184
|
139.1 |
136.3 |
150.4 |
2000 |
$139,000
|
8.03 |
$51,642
|
$39,264
|
131.5 |
129.9 |
143.8 |
|
Monthly Data |
2000 |
|
Apr |
$136,100
|
8.10 |
$49,847
|
$38,736
|
128.7 |
126.6 |
140.1 |
May |
$137,600
|
8.19 |
$50,072
|
$39,456
|
126.9 |
124.8 |
137.4 |
Jun |
$140,200
|
8.27 |
$50,296
|
$40,512
|
124.2 |
122.1 |
134.9 |
Jul |
$143,300
|
8.20 |
$50,520
|
$41,136
|
122.8 |
121.7 |
134.1 |
Aug |
$143,200
|
8.10 |
$50,745
|
$40,752
|
124.5 |
123.5 |
136.8 |
Sep |
$141,600
|
8.00 |
$50,969
|
$39,888
|
127.8 |
127.3 |
140.3 |
Oct |
$138,600
|
7.91 |
$51,193
|
$38,736
|
132.2 |
131.5 |
146.7 |
Nov |
$139,500
|
7.83 |
$51,418
|
$38,688
|
132.9 |
132.2 |
147.2 |
Dec |
$139,700
|
7.68 |
$51,642
|
$38,160
|
135.3 |
134.8 |
149.0 |
2001 |
|
Jan |
$137,100
|
7.34 |
$51,849
|
$36,240
|
143.1 |
142.9 |
155.4 |
Feb |
$138,600
|
7.18 |
$52,055
|
$36,048
|
144.4 |
145.0 |
151.9 |
Mar |
$143,500
|
7.11 |
$52,262
|
$37,056
|
141.0 |
141.6 |
149.6 |
Apr |
$143,100
|
7.09 |
$52,468
|
$36,912
|
142.1 |
142.5 |
152.0 |
May |
$145,000
|
7.17 |
$52,675
|
$37,680
|
139.8 |
140.0 |
150.1 |
Jun |
$152,600
|
7.18 |
$52,881
|
$39,696
|
133.2 |
133.1 |
144.2 |
*The
composite affordability index is the ratio of median family income to
qualifying income. Values over 100 indicate that the typical (median)
family has more than sufficient income to purchase the median-priced home.
1The Federal Housing Finance Board’s
monthly effective rate (points are amortized over 10 years) combines fixed-rate
and adjustable-rate loans. Entries under Annual Data are averages of the
monthly rates.
Source: NATIONAL ASSOCIATION OF REALTORS®
http://www.onerealtorplace.com/Research.nsf
|