Housing Affordabilitiy Makes Huntsville Real Estate A Great Buy
If you have been sitting on the fence and unsure whether now is the time to buy Huntsville real estate, now is the time! Housing affordability reached an all time high according to the Alabama Center for Real Estate.
The Housing Affordability index is the ratio between a market’s median income and the median home selling price. An index of 100 means a family earning the median income has just enough money to qualify for a loan for that market’s median-priced house.
According to the report, a Huntsville-area family earning the area’s median income of $67,500 has 2.27 times the income needed to qualify for a loan to purchase the median-priced home of $143,467, or an affordability index of 227. That’s a 16.7 percent increase in affordability from the previous quarter, which had an affordability index of 194.6.
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