Home Affordability

Lower mortgage rates, falling home values and growing incomes made it easier for consumers in the West and the rest of the nation to buy a home in the first quarter of the year. When the affordability index stands at 100, a family earning the region’s median income has exactly the amount needed to purchase a median-priced home with a 20% down payment.

West

First quarter ‘92:

Median price: $147,200

Income needed to qualify for loan: $43,598

Affordability index: 85.6

First quarter ‘93:

Median price: $142,200

Income needed to qualify for loan: $37,432

Affordability index: 101.6

*National

First quarter ‘92:

Median price: $103,200

Income needed to qualify for loan: $30,079

Affordability index: 120.2

First quarter ‘93:

Median price: $104,200

Income needed to qualify for loan: $28,115

Affordability index: 131.7

Source: National Assn. of Realtors