<< Return to Market Statistics
COMMUNITY: HOUSING MARKET STATISTICS
Housing Economic Factors
Housing Affordability Index
Mortgage Interest Rates Since 1975
2010 Mortgage Interest Rates
Data Sources and Definitions
National and Local Housing Affordability
The Housing Affordability Index (HAI) measures whether or not a typical family could qualify for a mortgage loan on a typical home. A typical home is defined as the median-priced, existing single-family home. A typical family is defined as one earning the median family income. A value of 100 means that a family earning the median income has exactly enough income to qualify for a mortgage loan on a median priced home, assuming a 20% down payment. For example, a HAI of 120 means a family earning the median family income has 120% of the income necessary to qualify for a conventional loan covering 80% of a median-priced singlefamily home. An increase in the HAI, then, shows that this family is more able to afford the median priced home. The higher the HAI; the more home this family can buy for the money. The HAI is at an all time high.
back to top
Mortgage Interest Rates since 1975
back to top
2010 Mortgage Interest Rates
back to top
Sources: National Association of Realtors, US Department of Housing and Urban Development, Freddie Mac, Kansas Department of Labor, W. Frank Barton Shool of Busines.
Definitions: Rates published are based on 30-Year Fixed Rate Mortgages. Median income is Median Family Income for Lawrence KS as published by the US Department of Housing and Urban Development. Median Income for The US is as published by the National Association of Realtors.
|
