ATTOM, a leading curator of land, property, and real estate data, released its first-quarter 2024 U.S. Home Affordability Report on March 28. According to a release from ATTOM, the report, which includes Midland County, shows a slight improvement in home affordability.
According to a release, the report reveals that only 13 out of 590 counties analyzed across the nation (2.2%) are more affordable than their historic averages in the first quarter of 2024. This is an increase from the previous quarter's 1% but lower than the 6.9% recorded a year ago. Midland County ranks among the counties with improved affordability, with an index of 112.
Among the counties demonstrating greater affordability in early 2024 included Jefferson County in Birmingham, Alabama; Macon County in Decatur, Illinois; New York County in Manhattan; and San Francisco County, California, according to the release.
"The picture for home buyers is brightening a little again as affordability measures have improved for the second quarter in a row," said CEO for ATTOM Rob Barber in the release. “Affording a home remains a financial stretch, or a pipe dream, for so many households. But with mortgage rates coming down and home prices growing only by modest amounts, it's gotten a bit easier for average wage earners to afford a home so far this year. The upcoming spring buying season will say a lot about whether home prices remain stable enough for this trend to continue."
According to the report, the ATTOM U.S. Home Affordability Index examines median home prices sourced from publicly recorded sales deed data by ATTOM and average wage data from the U.S. Bureau of Labor Statistics. The index calculates the affordability based on the proportion of average wages required to cover expenses for a median-priced home such as property taxes, home insurance, mortgage payments, and mortgage insurance. A 30-year fixed-rate mortgage with a 20% down payment is assumed.