Today, the real estate market is soaring. The values of residential homes are rising, and that’s fantastic for homeowners. In 2020, there was a double-digit increase in home values – a trend also occurring in 2021.
However, due to skyrocketing prices, some are questioning the affordability in this current housing market. Experts in the field of Real Estate emphasize that homes today are less affordable now than they were last year. Black Knight, a leading provider of data and analytics across the homeownership life cycle, reported on the issue.
The historical averages of the national payment to income ratio, defined as “the share of the median income needed to make the monthly payments on the median-priced home.” The study reveals:
Conveniently located in the heart of South Laguna Village. A short block off Coast Highway near beaches, parks, shops, restaurants, and medical facilities. Custom-built new from the ground up in 2004 on a larger than an average-sized lot with potential to expand in the future. The expansive, chef’s caliber kitchen includes an abundance of furniture-grade cherry cabinetry, loads of fresh quartz countertops, Viking, Bosch, Kitchen Aid Appliances, and captivating ocean views. Light and bright spacious family room feature a gas fireplace with custom wood mantle and a large ocean view deck overlooking the tranquil rear grounds below. The master suite is on its own private level with an intimate deck and side entrance and features a bath with new
If you’re thinking that waiting a year or two to purchase a home might mean you’ll save some money, think again. Mortgage interest rates are currently very low, but experts across the board are forecasting increases in both home prices and interest rates.