Notes: Median home price is for existing single-family homes only. Monthly payment assumes a 5% down payment on the median-priced existing home with property taxes of 1.25%, property insurance of 0.25%, and mortgage insurance of 0.5%. "Affordable" means payments cannot exceed 36% of monthly household income (calculated as 1/12 of annual household income) and assumes household can finance down payment and other related home purchase costs.
Sources: House price and household income are from 2015. Median home price derived from National Association of Realtors© and Moody's Analytics Forecasts. Household income derived from 2015 American Community Survey 1-Year estimates.
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