Wage growth and home affordability shows long-term improvement

  • Wage growth is up in 72 percent of housing markets, and outpacing home price appreciation in the majority (55 percent) of markets.
  • The average interest rate on a 30-year fixed rate mortgage is down 37 basis points from a year ago.
  • Americans need 35.4 percent of weekly wages to buy on average.
  • Brooklyn is the most unaffordable market, where buyers need 121.7 percent of average weekly wages to buy a median-priced home.

LIVE NOW: Inman Connect San Francisco
Tune-in now to catch the livestream. Don't miss this chance to see real estate leaders tackle the industry's top problems.

The financial elements of homebuying are improving for most Americans, according to RealtyTrac. Wage growth, home price slowdown and falling interest rates are helping boost affordability in many county-level markets, according to the data firm’s Q2 Home Affordability Index.