Skip to main content

Q1 Housing Affordability Level Remains Steady

Phil Hall
May 10, 2019
Photo credit: Getty Images/noipornpan

The first quarter national housing affordability level remained mostly unchanged from one year earlier, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index.
During the first three months of this year, 61.4 percent of new and existing homes that were sold were affordable to families earning the median income of $75,500. This is up from the 56.6 percent of homes sold in the fourth quarter of 2018 and relatively unchanged compared to a first quarter 2018 reading of 61.6. For the second consecutive quarter, Youngstown-Warren-Boardman, Ohio-Pa., remained as the nation’s most affordable major housing market, with 93.3 percent of all new and existing homes sold in the first quarter being affordable to families earning the area’s median income of $59,800. San Francisco, for the sixth straight quarter, was the nation’s least affordable major market, with 6.9 percent of the homes sold in the first quarter being affordable to families earning the area’s median income of $122,200.
“While the recent rise in affordability is welcome news, builders continue to struggle with rising construction and development costs stemming from excessive regulations, a lack of buildable lots and a shortage of construction workers,” said NAHB Chairman Greg Ugalde, a home builder and developer from Torrington, Conn. “This means that housing affordability is going to continue to be a challenge throughout 2019, particularly in high-cost markets.”

May 10, 2019
Layoffs At

After a rocky market debut, has laid off staff.

Sep 25, 2023
CFPB Issues Guidance On AI In Credit Underwriting

Creditors must provide specific and accurate reasons for credit denials, even with complex AI models.

Sep 19, 2023
Intercontinental Exchange Completes Black Knight Acquisition; Births Dark Matter Technologies Under Constellation Software

Rich Gagliano takes the helm at Dark Matter Technologies, poised to lead the future of Empower LOS with a 1,300-strong team, blending startup agility with decades of industry experience.

Sep 18, 2023
FHFA Invites Public Engagement On Modernized Credit Score Transition

Stakeholder forums and listening sessions planned to ensure seamless rollout; extended timeline for bi-merge credit report requirement in play.

Sep 11, 2023
Desperation Drives Difficulty in Closing Mortgages in California

Analysis reveals California among top 20 toughest states for mortgage closures.

Sep 11, 2023
If You Build It, They Will Come

Ratings will go a long way toward growing the market for home equity-backed securities

Sep 07, 2023