- Median home prices of single-family homes and condos more affordable in 49% of US counties than one year ago, according to ATTOM Data Solutions
- Affordability in Q2 2020 up from +31% one year ago
- Home price appreciation outpacing average weekly wage growth in 66% of US counties
Good news for homebuyers from ATTOM Data Solutions in its Q2 2020 US Home Affordability Report. Buying a single-family home or condominium in 49% of US counties is more affordable than historical averages.
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That being said, the portion of wages needed for home ownership exceed the recommended 28% lending benchmark in nearly three-quarters of the US. This lending benchmark is based upon the amount of income needed to make monthly house payments (mortgage, property taxes, insurance) with a 3% down payment on a median-priced home.
According to Todd Teta, chief product officer with ATTOM, “The latest affordability numbers reveal a win-win situation for sellers as well as buyers. Prices are rising again around the country during the current home-buying season, despite worries that the economic impact of the coronavirus pandemic would halt the nine-year run-up in home values. But a combination of wage gains and declining mortgage rates are helping to override the increases and make homes more affordable in large swaths of the United States.”
Take a look at the ten most affordable US counties in Q2 2020, according to ATTOM Data Solutions:
- Macon County IL (Decatur) – 10.4% annualized weekly wages needed to buy a home
- Rock Island County IL (Davenport) – 13.4%
- Montgomery County AL – 15.1%
- Oswego County NY (outside Syracuse) – 17.9%
- Richmond County GA (Augusta) – 18.1%
- Trumbull County OH – 18.5%
- Cuyahoga County OH – 18.6%
- Winnebago County WI – 18.6%
- Hamilton County OH – 19.3%
- Jackson County MI – 19.4%
Here are the least affordable US counties in Q2 2020, according to ATTOM:
- Marin County CA (outside of San Francisco) – 109.4% of annualized weekly wages needed to buy a home
- Santa Cruz County CA (outside of San Jose) – 98.4%
- Kings County NY (Brooklyn) – 98.3%
- Maui County HI – 84.1%
- Monterey County CA (outside San Francisco) – 82.7%
- Westchester County NY – 77.7%
- Orange County CA – 77.7%
- Napa County CA – 77.2%
- San Luis Obispo County CA – 76.0%
- New York County NY – 74.9%
Additional good news for homeowners…home price appreciation is outpacing average weekly wage growth in 66% of counties analyzed by ATTOM, such as Cook County IL (Chicago), Maricopa County AZ (Phoenix), Miami Dade County FL, Dallas County TX and Riverside County CA (outside of Los Angeles).
And, more news for workers in Q2 2020…average annualized wage growth is outpacing home price appreciation in 34% of US counties including Los Angeles County, Harris County TX (Houston), San Diego County, Orange County CA (outside of Los Angeles) and Kings County NY (Brooklyn).
Thanks to ATTOM Data Solutions.
Also read: Housing Markets in Northeast & Florida Extremely Vulnerable to COVID-19 Impacts, Top 10 Counties with Best & Worst Home Affordability, Home Flipping Rate in Q1 Hits 14-Year High While ROI Plunged to 9-Year Low