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Affordability Index|Housing Affordability Index| Housing Affordability Index-上海工商房产网
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Real Estate Dictionary:
A measurement of housing affordability compiled by the National Association of Realtors® and other groups. The intent is to measure the ability of area residents to buy homes in the area. A typical index compares median income to the income required by lenders for a loan large enough to buy a median-priced home. A median income higher than required is interpreted as an affordable condition, and the index will be greater than 100 or 1.00, depending on how it is expressed. Values below 100 or 1.00 signal unaffordable conditions. Indexes are available for various geographic regions, as well as specialized indexes for first-time buyers.
Example: The median family income in Somewhere, USA, is $4,000 per month. The Qualifying Ratio of principal and interest payments to income used by many lenders is 28%; this would be $1,120 per month (0.28 x $4,000 = $1,120). The median price of homes in Somewhere is $125,000. An 80% loan would be for $100,000, which (at 6% interest over 30 years) requires principal and interest payments of $599.55. The affordability index value is the result of comparing the median qualifying income of $1,120 to the $599.55 payment to derive a ratio of 1.868, which may be multiplied by 100 for an index value of 186.8.