More house for the money. Whether it's your first home or your forever home, more buying power is always a good thing. And right now, conditions are more favorable for buyers than they've been in 40 years, according to the latest Housing Affordability Index Report from the National Association of Realtors®.
The Housing Affordability Index looks at three factors - median home price, median family income and the average mortgage rate - to measure how affordable it is to buy a home. In January, the index rose to 200 percent, meaning the typical family has roughly double the income needed to purchase a median-priced home.
So what's that mean to you, as a homebuyer here in Lancaster? Let's say you're looking to buy a median-priced home here in Lancaster, which is about $175,000. With today's current, historically-low mortgage rates vs. a typical interest rate*, you'll be paying nearly $300 less each month. Couple that with an extensive inventory of affordably priced homes for sale, today's market is prime for buyers.
Whether you're actively looking for a new home or just tinkering with the idea, being financially prepared is critical. At Weichert, Realtors® - Engle & Hambright, our friendly, knowledgeable agents are always willing to sit down and meet with you to get you on the right track toward homeownership - no matter where you are in the process.
Have questions? Want to meet with an agent? Call us today at (717) 291-1041 or fill out this form and one of our agents will be in touch.
- 30-year conventional loan at 4% interest rate v. 30-year conventional loan at 6.5% interest rate.