Housing affordability near all-time high in 2012
Posted on Friday, November 30, 2012 at 3:57:35 PM
The pairing of weak home prices and mortgage rates hovering near all-time lows has made the prospect of buying property very affordable for consumers this year. Notably, the first half of 2012 was a substantially affordable period.
During the first half of the year, the price of a four-bedroom, two-bathroom property averaged $292,152, according to a report from Coldwell Banker. Although this price tag may seem high for some prospective buyers, roughly 36 percent of homes on the market are listed for less than $200,000.
Certain local housing market were still much more expensive than others, the report said. Specifical, Los Altos, California - better known as Silicon Valley - had average home prices of $1.7 million this year. However, Hawaii was recognized as the state with the most expensive properties overall.
In contrast, Redford, Michigan, had the most affordable marketplace, with an average home price of less than $62,000, the report said. Meanwhile, Arkansas gained notoriety for having the least expensive housing market on a state-by-state basis.
Affordability remains high in the second half of 2012 as well. However, no matter where a potential buyer lives, they should alway make sure to examine a mortgage comparison chart to make sure they get the best possible deal.