FindTheHome analyzed data from the National Association of Realtors from its October 2015 Housing Affordability Index, which found that affordability is on the rise throughout the nation.
The monthly composite index value was reported at 166.3, up from 163.7 the previous month. Using median existing home sale prices and the income required to obtain a mortgage, the affordability index shows that not only were there gains in median family income, but the qualifying income for a mortgage has dropped to become a reality for more Americans.
In Washington, D.C., 60 percent of residents spend more than $2,000 monthly on their mortgage. In comparison, only 31.5 percent of U.S. homeowners spend that amount. While this bracket represents the largest pool of the population for both DC homeowners and those throughout the nation, the U.S.’s breakdown is slightly more balanced between price brackets.
According to the U.S. Census Bureau, the median household income in DC is $65,830 compared with the nation’s $53,046.
[graphiq id=”sB7cS4GetT” title=”Mortgage Cost Distributionin Washington D.C.” width=”600″ height=”473″ url=”https://w.graphiq.com/w/sB7cS4GetT” link=”http://places.findthehome.com/l/294012/Washington-D-C” link_text=”Mortgage Cost Distributionin Washington D.C. | FindTheHome”]