Cary & Surrounding Area: AFFORDABILITY

Home prices, mortgage rates and household income are important factors in determining the affordability of a home. The Affordability Index measures median household income relative to the income needed to purchase a median-priced house. This week for Cary & Surrounding Area, the data show a household earning the median income here of $62,794 would need to spend 26.9% of their income to afford a median priced home here, which is currently priced at $270,143. The two-year Affordability Index is forecast to be 31.7%.

This predictive analytics report and e-newsletter is part of a new collaboration between HouseCanary and RISMedia in an effort to bring real estate professionals timely and local housing data in thousands of regional and local markets across the U.S. as well as provide RISMedia’s real estate news, information and business development insights of interest to brokers, agents, service providers and professionals serving the U.S. residential real estate industry.