Housing affordability sets a record in 2012

Housing affordability sets a record in 2012

Orchids on my lanai today, 1/1/2013
Orchids on my lanai today, 1/1/2013

According to research by the National Association of Realtors, Housing Affordability Index stood at 198.2 in November, based on the relationship between median home price, median family income and average mortgage interest rate. The higher the index, the greater the household purchasing power; NAR began tracking housing affordability in 1970.

An index of 100 is defined as the point where a median-income household has exactly enough money to qualify for a median-priced existing single-family home, assuming a 20 percent downpayment and 25 percent of gross income devoted to mortgage principal and interest payments.

Home prices in Rotonda are very affordable and interest rates are still low. There are excellent choices of homes and condos in the area whether you are looking for a luxury retirement home, a seasonal vacation home or a full time family home.

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