Well-maintained 3 bed 1 1/2 bath 1500 sq ft ranch located on the northeast side of Fort Wayne. This home has so much to offer and most of major updates have already been completed. Brand new garage door and opener. New carpet in 2019, new roof with only 1 layer installed 2016 and new furnace...
Did you know that 49% of home buyers are looking to buy homes priced under $250,000? This number comes from a recent study buy the NAHB, where economists have calculated the number of households able to afford a home at varying price thresholds, based on the underwriting standard that a mortgage, property taxes, and property insurance should not exceed 28% of household income.
While the pyramid above shows that 7.2 million households have enough income to buy a $850,000 home, and 2.2 million even have enough for a home priced at $1,550,000, analysts cannot deny the larger tiers supporting the pyramid’s base.
This graph helps put housing affordability concerns into perspective, revealing that out of 120 million households, 63 million cannot afford a $250,000 home. Where do you fall on the pyramid?
Learn more by reading the full article posted by the National Association of Home Builders.