Wednesday, March 11, 2009

Housing Affordability at Record High's

Photo by on ~Bradford~ Flickr.

If everyone is talking about something, then there must be some truth to it...right or wrong? Not too long ago the media mostly spoke about how home prices were still too high, but now that home prices have fallen far enough, at least in many areas, housing affordability are at levels that haven't been seen in the past 40 years. That's not something to snarl at or take lightly! We might have a big debt problem, but we certainly don't have a problem with finding affordable homes these days. If you are someone who does not have the burden of swimming in a pool of debt, then you are a prime candidate for the smorgasbord of desirably priced homes that are available.

Back in 2005 personal incomes did not meet the requirements for buying a home at affordable means, which is what put us in this mess in the first place. According to a NY Times article, now that incomes are up and home prices are down substantially; if you want to buy a home today, act quickly, because the incentives available today I'm sure will be gone in the future. And no one can foresee when in the future that may be, so do you choose to gamble, or not is the question?

Housing Market’s Upside: Affordability [NY Times]

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