MarketWATCH Northridge

The National Association of Realtors (NAR) recently released their July edition of the Housing Affordability Index. The index measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home at the national level based on the most recent price and income data. NAR looks at the monthly mortgage payment (principal & interest) which is determined by the median sales price and mortgage interest rate at the time. With that information, NAR calculates the income necessary for a family to qualify for that mortgage amount (based on a 25% qualifying ratio for monthly housing expense to gross monthly income and a 20% down payment).

Here is a graph of the income needed to buy a median priced home in the country over the last several years:

And the income requirement has accelerated even more dramatically this year as prices have risen:

Let's take a look at what's happening out there this week... There were 10 new listings this week in Northridge. They range in price from $390,000 -$849,000; size 1212sf - 4913sf; age from 1949 - 1979.

Check out all the new listings this week in Northridge – CLICK HERE

Bottom Line Some buyers may be waiting to save up a larger down payment. Others may be waiting for a promotion and more money. Just realize that, while you are waiting, the requirements are also changing. If you'd like to know where you stand, and what kinds of requirements you're facing financially -- CLICK HERE -- for our free home loan report. Our job is to know all the ins-and-outs and little-known programs, so that together, we can plan out the best way for you to find & buy the home of your dreams. As always you can reach us directly at (818) 621-9897. We look forward to chatting with you soon!

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