00:00It's Benzinga, bringing Wall Street to Main Street.
00:02U.S. home buying affordability improved as lower mortgage rates increased purchasing power,
00:07according to CNBC. A Zillow report showed that a household earning the median income of $86,300
00:14with a 20% down payment can now afford a $331,483 home, up from $301,181 a year ago.
00:23Zillow defines affordability as monthly housing costs below 30% of income.
00:28The average 30-year mortgage rate was 5.99% on February 27th and later rose to 6.14%,
00:35compared with 6.79% a year earlier, contributing to improved housing affordability.
00:41The National Association of Realtors said a one-point rate drop could expand affordability
00:46to about 5.5 million more households. Median home prices remain higher than what
00:51median income buyers can afford. The median single-family home price reached $400,300 in
00:57January, while buyers needed $94,032 in income to qualify for a mortgage.
01:03For all things money, visit Benzinga.com.
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