Everyone has heard about interest rates being the lowest in history along with housing costs at the 2003 level. But what does home affordability mean to the average potential buyer?
Home affordability is the cost of a home someone with a median income can afford to purchase. For example, a couple that earned a median income of $64,000 could afford almost 75% of all homes sold in a particular quarter.

This obviously varies depending on different regions of the country. The percentages of affordability differ because of diversity of income and home prices. The most affordable region is Fairbanks, Alaska with Kokomo, Indiana coming in second.
The most expensive areas come as no surprise. The least affordable area is New York where a median income of $67,000 would only be able to purchase 23% of all homes sold, followed by San Francisco.
While this gives you an overview of the entire country where does the South falls on the chart? South Carolina, particularly the York County area because of it’s proximity to Charlotte is showing strong and certainly continues to be a buyer’s market.
Ready to start looking for that perfect home? Give Randy Lindsay a call today!