First American: NYC home prices more affordable now than before recession

Despite nominal price jumps, New York City is more affordable after considering inflation
  • Adjusted for inflation, home prices across the nation are 38.5 percent lower than their peak a decade ago.
  • First American data reveals that real home prices are 17.3 percent lower than they were in 2000.
  • NYC home prices are less of a financial burden than they were in 2015 and slightly less than 2000.

First American has released the newest edition of its Real House Price Index, which reflects inflation factors such as shifts in income and mortgage rates.

According to the report, the influence of better wages and declining interest rates shows that even though prices are close to peak in many major metros, consumers are gaining buying power.