Reader Rob asked,

Can you do an article on the housing affordability index related to NSDCC?  Just wondering what percentage of people need x amount of dollars with 20% down to afford a median priced home?

Let’s include data on the median price of detached-home active listings, and those sold in the last 90 days. I used an interest rate of 4.50%, 20% down payment (25% down payment on $2,395,000 price), and qualifying ratio of 35%:

Category
# in Category
Median Price
Cash to Close
Annual Income
SDCo Actives
3,912
$824,823
$170,000
$115,000
SDCo Solds
4,744
$624,700
$130,000
$87,000
NSDCC Actives
822
$2,395,000
$605,000
$312,000
NSDCC Solds
608
$1,327,500
$270,000
$185,000

The fixer market feels the impact. When it takes both spouses holding down good jobs to qualify, they don’t have the time or patience to fix up a house – they want and need a house in good shape. Maybe this is where Zillow and others can provide more renovated homes to fit the needs of today’s buyers.

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