Affordability slipped in Q1 2022, according to ATTOM’s most recent US Home Affordability Report.
Median-Priced Single-Family Homes Less Affordable in 79% of US Counties
Median priced single-family homes were less affordable in 79% of US counties in Q1 2022. This 79% compares to just 38% of counties that were historically less affordable in Q1 2021.
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What Does Affordability Mean?
ATTOM calculates the amount of income a consumer would need to cover major monthly home ownership expenses such as mortgage, property taxes and insurance on a median-priced single-family home. ATTOM assumes a 20% down payment and a 28% maximum “front end” debt-to-income ratio.
ATTOM then compares that required income to annualized weekly wage data from the US Bureau of Labor Statistics.
Top Ten Most Affordable Housing Markets in Q1 2022
The housing markets listed below required the smallest portions of average local wages to cover major homeownership costs during Q1 2022:
- Schuylkill County PA (outside Allentown) – 7% of annualized local weekly wages to buy a home
- Macon County IL (Decatur) – 9.7%
- Peoria County IL – 10.2%
- Bibb County GA (Macon) – 10.2%
- Rock Island County IL (Moline) – 11%
- Cambria County PA – 11.1%
- Blair County PA – 11.5%
- Saint Lawrence County – 11.7%
- Fayette County PA – 11.7%
- Wayne County MI – 11.9%
ATTOM also found that 52% pf US counties analyzed required more than 28% of local wages to afford a typical home in Q1 2022.
Ten Least Affordable Housing Markets in Q1 2022
- Santa Cruz County – 92.7% of annualized local weekly wages to buy a home in Q1 2022
- Kings County NY (Brooklyn) – 91.5%
- Marin County CA (outside San Francisco) – 79.7%
- Maui County HI – 74.8%
- San Luis Obispo County CA – 73.7%
- Monterey County CA – 73.5%
- Napa County – 72.3%
- Orange County CA – 67.8%
- Santa Barbara County CA – 66.4%
- Queens County NY – 65.0%
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Thanks to ATTOM.
