Home prices are most affordable in 2 years -- but are buyers’ wages enough?

  • Home prices in the first quarter of the year hit their most affordable level in two years.
  • The average interest rate on a 30-year fixed rate mortgage dropped 57 basis points, or 13 percent from the first quarter of 2014 to the first quarter of 2015.
  • The drop in interest rates -- along with wage growth outpacing home price appreciation in 32 percent of counties -- meant buying a home in the first quarter required a smaller share of the average wage compared to a year ago.

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Although some housing industry analysts are concerned that home price growth is outpacing wage growth, some are celebrating the news that that U.S. home affordability just hit to a two-year low.