Lower rates, higher incomes: Housing more affordable in June

Housing became more affordable this June, as higher incomes and slightly lower interest rates overcame higher prices, according to a National Association of Realtors report.

However, the South and the Midwest are the only regions where a family with typical or median income can afford a median-priced house, according to the report. The group considers a mortgage to be affordable if the monthly payment (principal and interest) is 25% or less of the family’s income.

Tim Henderson