Wage Growth Leads to Improved Housing Affordability
The housing affordability numbers are in for the first quarter of 2018. According to the National Association of Homebuilders (NAHB)/Wells Fargo Housing Opportunity Index (HOI), the increase in mortgage interest rates was more than offset by strong wage growth, which significantly boosted housing affordability nationwide.
According to the official press release from the NAHB, the report found that “61.6 percent of new and existing homes sold between the beginning of January and end of March were affordable to families earning the U.S. median income of $71,900.”
In the fourth quarter of 2017, only 59.6 percent of homes sold were affordable to median-income earners.
NAHB Chairman Randy Noel contributes this improvement in affordability to “continued job growth, rising wages and strong consumer confidence.” He also states that these factors will fuel housing demand. If Chairman Noel is correct about the increase in demand for housing, then now is the perfect time to buy.
Not only is purchasing a home potentially more affordable now than it will be in the foreseeable future, but Colony Reserve has special programs in place to make homeownership even more attainable.
If you qualify for the Work Force Housing Program (WHP), you can purchase the Cypress Model at a reduced price. This spacious two-bed, 2.5-bath townhome boasts a one-car garage, granite countertops, stainless steel appliances, and luxurious bathrooms, making it an ideal dream home for any budget.
To learn more about Colony Reserve and the Work Force Housing Program (WHP), contact our sales team today.