gage payment has jumped to $1,184. A year ago, it averaged $1,020, marking a 16% increase year over year, NAR notes. Also, the annual mortgage payment as a percentage of income rose to 16% this April from 13.7% a year ago due to higher home prices and a decline in median family incomes.
The West has the highest mortgage payments to income, according to NAR’s data. Home prices in the West recently climbed to a record high of $509,400.
View the full data to see how housing affordability measures up in your local market.Source: “Housing Affordability Declines as Prices Continue to Rise and Incomes Fall,” National Association of REALTORS® Economists’ Outlook blog (June 18, 2021)
