Affording a home today!
Measured by the median mortgage payment on the current median-priced home as a percentage of the median household income, has dipped to the lowest in generations! A good way to view home prices is when a home value drops lower than the cost of construction, buyers should see value and be ready to obtain home ownership. Because of the housing bubble that started in 2006 and all the millions who overpaid or borrowed against inflated equity, the flood gates have opened and resulted in this market glut, making homes affordable and incredibly attractive, to become a home owner.
Homes falling below construction cost and historical low interest rates, brings up the question of, Are Homes Affordable Yet? And is it the time to save for that down payment, or use it if you have the down payment. Historically, home values have moved up following a down Real Estate Market. I am sure it will happen again. Purchase a home today and live in it for a reasonable time; you can be almost assured you will see substantial future value growth.