The mortgage research firm, HSH.com gathered data from 2012’s second quarter to use in a recent survey regarding home prices in 25 of the nation’s metro areas. Information on median home prices was taken from the National Association of Realtors and HSH.com supplied the figures for calculating a 30-year fixed rate mortgage. The firm conducted a similar survey in early 2011. Comparatively, it was discovered that with the combination of very low mortgage rates and falling prices, in many areas, home affordability is up dramatically.
Here’s a look at a few of the metro areas covered in the study (Note: interest rates are subject to change and will vary by lender):
Atlanta was the most affordable of all the 25 metros surveyed. An annual income of $15,202 is what it would take to be an ATL homeowner. Affordable median home prices around $103,200.00 and a 3.97% mortgage rate make the prospect of home ownership very attractive!
Cleveland offers some truly great bargains in the Midwest. Single-family homes are averaging $103,900.00. If you act quickly, you could lock in on a 30-year fixed rate mortgage at about 3.9% with a yearly income of $15,176.00. (Actual rates will vary by lender). [Read more...]