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Housing affordability drops below long-term averages
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Thursday, August 14, 2014
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RealtyTrac, a provider of real estate data and analytics, released a report Aug. 7 that shows housing affordability for many median-income households has dropped below historical averages.
According to the report, which was compiled from analysis of more than 1,000 U.S. counties during the second quarter, income-to-price affordability percentages indicate homes are less affordable in 34 percent of the counties analyzed than their long-term averages over the past 14 years.
The report was calculated by assessing the median income necessary to make monthly payments on median-priced homes in each county and comparing that income-to-price affordability to the same percentages dating back to January 2000.
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