Huntsville Housing Affordability – 1st Quarter 2009

By: Huntsville Real Estate Expert Mike Manosky On July 17, 2009

Huntsville Housing Affordability – 1st Quarter 2009

Alabama’s Housing Affordability index is the ratio of the state’s actual median family income to the income needed to purchase and finance the state’s median priced home. An index number of 100 means that a family earning the state’s median income has just enough buying power to qualify for a loan on the state’s median priced, single-family home, assuming standard underwriting criteria. The higher the index number is the more affordable the housing.

Huntsville Housing Affordability Statistics

2009 Median Income:  $67,500

4th Quarter 2008 Median Sales Price: $143,633
1st Quarter 2009 Median Sales Price: $141,667

AHA 4th Quarter 2008:  194.6
AHA Index 1st Quarter 2009: 227.2

Percentage of Change: 16.71%

Now is a great time to buy a Huntsville home! Affordability has increased as the cost of Huntsville homes has moderated. First-time Huntsville home buyers can take advantage of the $8,000 tax credit and interest rates have fallen. Give me a call for help buying your dream home!

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