Baltimore among nation's best in housing affordability, report shows.
Byline: Daily Record Staff
Baltimore had the second-highest affordability index in the U.S. for houses in the first quarter of 2018, according to the Q1 2018 U.S. Home Affordability Report, released Thursday by property database ATTOM Data Solutions. Its index of 156 trailed only Atlantic County, New Jersey's 223 rating on the list of regions with the most affordable houses relative to their own historic affordability averages. Howard County was fifth at 150. The data also showed Baltimore led the nation in the lowest share of income an average worker would need to buy a median-priced home at .2 percent. But the news wasn't great nationwide. The report showed median home prices in the first quarter of 2018 were not affordable for average wage earners in 304 of 446 U.S. counties analyzed, or 68 percent. The report determined affordability for average wage earners by calculating the amount of income needed to make monthly house payments including mortgage, property taxes and insurance on a median-priced home, assuming a 3 percent down payment and a 28 percent maximum "front-end" debt-to-income ratio. That required income was then compared to annualized average weekly wage data from the Bureau of Labor Statistics.
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|Publication:||Daily Record (Baltimore, MD)|
|Date:||Mar 29, 2018|
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