[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"$f1i2geiikdoeec":3,"$ffeh0925h8cuz":50,"$fbwk2pqjjqsc7":54},{"item":4,"previous":38,"next":44},{"id":5,"slug":6,"title":7,"description":8,"excerpt":9,"contentType":10,"featuredImage":11,"bannerImage":9,"body":12,"agentsBottomLine":13,"bodyImage":9,"isInfographic":14,"categories":15,"isVideo":14,"videoThumbnail":9,"videoSource":9,"publishedAt":36,"updatedAt":37},1472,"how-to-determine-if-you-can-afford-to-buy-a-home","How to Determine If You Can Afford to Buy a Home","The gap between the increase in personal income and residential real estate prices has been used to defend the concept that we are experiencing an affordability crisis in housing today.","","blog","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2019\u002F10\u002F29113325\u002F20191030-KCM-Share-1-8.jpg","The gap between the increase in personal income and residential real estate prices has been used to defend the concept that we are experiencing an affordability crisis in housing today.\u003C!--more-->\r\n\r\nIt is true that home prices and wages are two key elements in any affordability equation. There is, however, an extremely important third component to that equation: \u003Cstrong>\u003Cem>mortgage interest rates\u003C\u002Fem>\u003C\u002Fstrong>.\r\n\r\nMortgage interest rates have fallen by more than a full percentage point from this time last year. Today’s rate is 3.75%; it was 4.86% at this time last year. This has dramatically increased a purchaser’s ability to afford a home.\r\n\r\nHere are three reports validating that purchasing a home is in fact more affordable today than it was a year ago:\r\n\r\n\u003Cstrong>\u003Ca href=\"https:\u002F\u002Fwww.corelogic.com\u002Fblog\u002F2019\u002F09\u002Ftypical-mortgage-payment-us-homebuyers-committing-to-continues-to-dip-below-year-ago-levels.aspx?WT.mc_id=crlg_190925_8HirD\">\u003Cem>CoreLogic’s \u003C\u002Fem>Typical Mortgage Payment\u003C\u002Fa>\u003C\u002Fstrong>\r\n\u003Cblockquote>\u003Cem>“Falling mortgage rates and slower home-price growth mean that many buyers this year are committing to lower mortgage payments than they would have faced for the same home last year. After rising at a double-digit annual pace in 2018, the principal-and-interest payment on the nation’s median-priced home – what we call the “typical mortgage payment”– fell year-over-year again.”  \u003C\u002Fem>\u003C\u002Fblockquote>\r\n\u003Cstrong>\u003Ca href=\"https:\u002F\u002Fwww.nar.realtor\u002Fblogs\u002Feconomists-outlook\u002Fjuly-2019-housing-affordability-index\">The \u003Cem>National Association of Realtors’\u003C\u002Fem> Affordability Index\u003C\u002Fa>\u003C\u002Fstrong>\r\n\u003Cblockquote>\u003Cem>“At the national level, housing affordability is up from last month and up from a year ago…All four regions saw an increase in affordability from a year ago…Payment as a percentage of income was down from a year ago.”\u003C\u002Fem>\u003C\u002Fblockquote>\r\n\u003Cstrong>\u003Ca href=\"https:\u002F\u002Fblog.firstam.com\u002Feconomics\u002Fthe-dynamic-forces-that-re-shaped-housing-affordability-in-2019\">\u003Cem>First American’s\u003C\u002Fem> Real House Price Index (RHPI)\u003C\u002Fa>\u003C\u002Fstrong>\r\n\u003Cblockquote>\u003Cem>“In 2019, the dynamic duo of lower mortgage rates and rising incomes overcame the negative impact of rising house price appreciation on affordability. Indeed, affordability reached its highest point since January 2018. Focusing on nominal house price changes alone as an indication of changing affordability, or even the relationship between nominal house price growth and income growth, overlooks what matters more to potential buyers – surging house-buying power driven by the dynamic duo of mortgage rates and income growth. And, we all know from experience, you buy what you can afford to pay per month.”\u003C\u002Fem>\u003C\u002Fblockquote>\r\n\u003Ch3>\u003Cstrong>Bottom Line\u003C\u002Fstrong>\u003C\u002Fh3>\r\nThough the \u003Cstrong>\u003Cem>price\u003C\u002Fem>\u003C\u002Fstrong> of homes may still be rising, the \u003Cstrong>\u003Cem>cost\u003C\u002Fem>\u003C\u002Fstrong> of purchasing a home is actually falling. If you’re thinking of buying your first home or moving up to your dream home, let’s connect so you can better understand the difference between the two.","\r\nThough the \u003Cstrong>\u003Cem>price\u003C\u002Fem>\u003C\u002Fstrong> of homes may still be rising, the \u003Cstrong>\u003Cem>cost\u003C\u002Fem>\u003C\u002Fstrong> of purchasing a home is actually falling. If you’re thinking of buying your first home or moving up to your dream home, let’s connect so you can better understand the difference between the two.",false,[16,20,24,28,32],{"id":17,"name":18,"slug":19},5,"For Buyers","buyers",{"id":21,"name":22,"slug":23},9,"Home Prices","home-prices",{"id":25,"name":26,"slug":27},11,"First-Time Buyers","first-time-buyers",{"id":29,"name":30,"slug":31},35,"Mortgage Rates","mortgage-rates",{"id":33,"name":34,"slug":35},38,"Move-Up","move-up","2019-10-30T10:00:36Z","2019-10-30T17:19:46Z",{"id":39,"slug":40,"title":41,"featuredImage":42,"publishedAt":43,"contentType":10,"isVideo":14},1471,"thinking-of-selling-your-home-the-waiting-is-the-hardest-part","Thinking of Selling Your Home? The Waiting Is The Hardest Part.","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2019\u002F10\u002F25160705\u002F20191029-KCM-Share.jpg","2019-10-29T10:00:35Z",{"id":45,"slug":46,"title":47,"featuredImage":48,"publishedAt":49,"contentType":10,"isVideo":14},1476,"taking-the-fear-out-of-the-mortgage-process-3","Taking the Fear Out of the Mortgage Process","https:\u002F\u002Ffiles.simplifyingthemarket.com\u002Fwp-content\u002Fuploads\u002F2019\u002F10\u002F30213139\u002F20191031-KCM-Share-2-1.jpg","2019-10-31T10:00:59Z",{"cover":51,"open":52,"shareSpread":53},"https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Cover-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Spread-original.png","https:\u002F\u002Ffiles.keepingcurrentmatters.com\u002FKeepingCurrentMatters\u002Fcontent\u002Fimages\u002F20260603\u002F2026-Summer-Buyers-Guide-Magazine-original.png",[55,59,60,64,68,72,73,74,78,79,80,84,88,92,96,100,104,108,112,116,120,124,128,132,136,140,144,148,152,156],{"id":56,"name":57,"slug":58},1,"Uncategorized","uncategorized",{"id":17,"name":18,"slug":19},{"id":61,"name":62,"slug":63},6,"For Sellers","sellers",{"id":65,"name":66,"slug":67},7,"Foreclosures","foreclosures",{"id":69,"name":70,"slug":71},8,"Infographics","infographics",{"id":21,"name":22,"slug":23},{"id":25,"name":26,"slug":27},{"id":75,"name":76,"slug":77},34,"Senior Market","senior-market",{"id":29,"name":30,"slug":31},{"id":33,"name":34,"slug":35},{"id":81,"name":82,"slug":83},41,"For Sale by Owner","for-sale-by-owner",{"id":85,"name":86,"slug":87},42,"Featured","featured",{"id":89,"name":90,"slug":91},45,"New Construction","new-construction",{"id":93,"name":94,"slug":95},52,"Luxury \u002F Vacation","luxury--vacation",{"id":97,"name":98,"slug":99},53,"Rent vs. Buy","rent-vs-buy",{"id":101,"name":102,"slug":103},80,"Time-sensitive","time-sensitive",{"id":105,"name":106,"slug":107},81,"Outdated","outdated",{"id":109,"name":110,"slug":111},147,"Internal","internal",{"id":113,"name":114,"slug":115},148,"Do Not Autopost","do-not-autopost",{"id":117,"name":118,"slug":119},320,"Inventory","inventory",{"id":121,"name":122,"slug":123},321,"Agent Value","agent-value",{"id":125,"name":126,"slug":127},322,"Affordability","affordability",{"id":129,"name":130,"slug":131},323,"Buying Tips","buying-tips",{"id":133,"name":134,"slug":135},324,"Downsize","downsize",{"id":137,"name":138,"slug":139},325,"Economy","economy",{"id":141,"name":142,"slug":143},326,"Equity","equity",{"id":145,"name":146,"slug":147},327,"Forecasts","forecasts",{"id":149,"name":150,"slug":151},328,"Selling Tips","selling-tips",{"id":153,"name":154,"slug":155},339,"Expired\u002FWithdrawn\u002FCanceled","expiredwithdrawncanceled",{"id":157,"name":158,"slug":159},340,"Price It Right\u002FOverpricing","price-it-rightoverpricing"]