US Housing Affordability at 30yr High in all 50 States
21 November 2011
US housing is more affordable than at any time in the last 30 years in all 50 US states, according to a new study presented at the 2011 Realtors Conference in Anaheim, California. The research, conducted by Ken Johnson, editor of the Journal of Housing Research at Florida International University and Eli Beracha, found housing affordability based on price to income ratios at a 30 year high in 23 states and affordability based on mortgage payment to income ratios at a 30 year high across all 50 states.
"Home ownership is more affordable today than at anytime over the last 30 years," said Johnson.
Beyond the financial advantages of home ownership, Johnson also cited several studies that have demonstrated how home ownership enhances civic pride, improves voter turnout, increases personal happiness, reduces crime, and provides a better familial environment.
"These findings are no surprise to realtors. We, like the nation's 75 million home owners and many other who aspire to one day own a home, know home ownership is an investment in the future of our families, communities, and nation," said National Association of Realtors president Ron Phipps.
"That is why we will continue to fight for public policies that promote responsible, sustainable home ownership. We believe that anyone who is able and willing to assume the responsibilities of owning a home should have the opportunity to pursue that dream," he added.