Key Highlights
- According to ATTOM Data Solutions, home price appreciation outpacing average weekly wage growth in 87% of counties
- Likewise, only 13% of counties experiencing average wage growth outpacing home price appreciation in Q3 2020
- Median home prices in 63% of US counties less affordable in Q3 2020, up from 54% in Q3 2019
According to ATTOM Data Solutions’ latest Q3 2020 Home Affordability Report, the median home prices of single-family homes and condominiums are less affordable in 63% of US counties. Just one year at this same time, 54% of US counties were unaffordable to average wage earners.
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(Please read the accompanying post titled “Home Ownership Too Expensive for Average Workers in Q3 2020.)
ATTOM’s home affordability analysis calculates “…the amount of income needed to make monthly house payments (mortgage, property taxes, insurance) on a median-priced home with a 10$ down payment and a 28% maximum “front-end” debt-to-income basis.”
Here are the Top 10 US Counties with the Smallest Percentage of Wages Needed to Buy a Median-Priced Home in Q3 2020:
- 12% of wages – Baltimore City/County MD
- 13.6% of wages – Calhoun County MI
- 13.6% of wages – Rock Island County IL
- 13.7% of wages – Lucerne County PA
- 14.0% of wages – Richmond County GA
- 15.5% of wages – Montgomery County AL
- 15,7% of wages – Macon County IL
- 15,8% of wages – Trumbull County OH
- 16,2% of wages – Allen County OH
- 16.4% of wages – Peoria County IL
Here are the Top 10 US Counties with the Lowest Annual Wages Needed to Buy a Median-Priced Home in Q3 2020
- $22,104 – Lucerne County PA
- $22,599 – Trumbull County OH
$23,923 – Richmond County GA - $25,768 – Calhoun County MI
- $26,786 – Montgomery County AL
- $27,090 – Allen County OH
- $28,268 – Saginaw County MI
- $28,376 – Rock Island County IL
- $28, 549 – Sullivan County TN
- $28,789 – Clark County OH
Thanks to ATTOM Data Solutions.
Also read: 2019 – “A Great Year To Be a Seller”, Redfin’s Housing Market Forecast for 2020, Personnel Moves, like Data, Can Be Predictive Too
