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Friday, September 30, 2016
Maui County in Top 10 Least Affordable
By Selected News Articles @ 12:38 PM :: 6006 Views :: Hawaii Statistics, Cost of Living

24 Percent of U.S. County Housing Markets Less Affordable Than Their Historic Norms in Q3 2016

  • Highest Share Since Q3 2009 Despite Improving Affordability in Some High-Priced Markets;
  • Home Prices Rose Faster Than Wages in 89 Percent of Counties, Reversing Recent Trend;
  • Closing Costs Highest in NYC, Lowest in St. Louis

IRVINE, Calif. – Sept. 29, 2016 — ATTOM Data Solutions, the nation’s leading source for comprehensive housing data and the new parent company of RealtyTrac, today released its Q3 2016 Home Affordability Index, which shows that 24 percent of U.S. county housing markets were less affordable than their historic affordability averages in the third quarter, up from 22 percent of markets in the previous quarter and up from 19 percent of markets a year ago to the highest share of since Q3 2009 — when 47 percent of markets were less affordable than their historic affordability averages.

The report analyzed median home prices derived from publicly recorded sales deed data collected by ATTOM Data Solutions and average wage data from the U.S. Bureau of Labor Statistics in 414 U.S. counties with a combined population of more than 203 million. The affordability index is based on the percentage of average wages needed to make monthly house payments on a median-priced home with a 30-year fixed rate and a 3 percent down payment — including property taxes and insurance.

The report also breaks out county-level closing costs, using settlement service rates, transfer taxes and recording fees by ClosingCorp (see full methodology below).

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