Housing affordability: Difference between revisions

"Affordability is defined as spending 31% or less of one’s monthly income on housing. In order to find the share of affordable homes on the market for the median income earner for each occupation we calculate the maximum amount that each person can allocate towards a mortgage payment based on their wage. Evaluating the listing price of each home effective April 2, 2017 minus a 20% down payment and calculating the monthly mortgage payment using the prevailing 30-year mortgage rate at that time of 4.1% in the markets we examine along with any HOA fees, mortgage insurance and property taxes we sum the number of listed properties that the median income earner for each occupation could afford. - See more at: [https://www.trulia.com/blog/trends/affordable-housing/#sthash.rd1PyCDO.dpuf https://www.trulia.com/blog/trends/affordable-housing/].