There are many different factors a home buyer has to consider before shopping for a house. Things like what type of home they’d like and where they’d like to live are obviously important. But before a buyer can focus in on the number of bedrooms they’ll need or which neighborhoods they’ll target, they have to figure out whether or not they can afford to buy. Buying a home, after all, is a financial transaction. That means affordability is the first thing to consider. The good news is it’s improving. According to ATTOM Data Solutions first-quarter 2024 U.S. Home Affordability Report, affordability has improved now for two consecutive quarters. “The picture for home buyers is brightening a little again as affordability measures have improved for the second quarter in a row,” Rob Barber, ATTOM’s CEO, says. “With mortgage rates coming down and home prices growing only by modest amounts, it’s gotten a bit easier for average wage earners to afford a home so far this year.” But while affordability has improved, it’s still challenging. ATTOM found median home ownership costs are higher than historical averages in 577 of the 590 counties included in its analysis. (source)
