According to the latest index provided by ROOST it now takes 73.2% of one median income to pay the mortgage on a median priced house purchased in August, down from July’s 89.6%. A typical buyer is assumed to be in the 30-34 age group. This index was 80.9% a year ago and 148.8% five years ago. The affordability index reached its highest point of 154.3% in December 2005.
Read the two-page report here
Source: ROOST Mortgage Brokers