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Lower Housing Affordability Linked to Slower Job Growth

Wednesday, January 15, 2020

The National Association of Realtors® (NAR) has uncovered another downside to the increasing lack of housing affordability in the U.S. A new study found that, in many areas where affordability has declined over the last five years, so has the rate of job growth. NAR measures affordability by calculating the ratio of the median family income to the metro area's qualifying income for a home mortgage or QI. QI is the income needed so that the 30-year fixed mortgage payment on a median-priced single-family home purchased with a 20% down payment accounts for no more than 25% of income.

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Ashley