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 Chicago, the mortgage cost distribution shows that 46.7 percent of Chicago residents pay more than $2,000 monthly. Throughout the nation, 31.5 percent of residents pay more than $2,000 monthly on a mortgage. This sector is where the majority of buyers fall in Chicago.
According to the U.S. Census Bureau, the median household income in Houston, as reported between 2010-2014, is $47,831.
[graphiq id=”jSIheGcQQa9″ title=”Mortgage Cost Distributionin Chicago, IL” width=”600″ height=”473″ url=”https://w.graphiq.com/w/jSIheGcQQa9″ link=”http://places.findthehome.com/l/32868/Chicago-IL” link_text=”Mortgage Cost Distributionin Chicago, IL | FindTheHome”]