With all the rising home prices for our area it can be hard to know which income bracket suffers the highest burden when it comes to the cost of housing. But NAR has come up with a way to measure how affordable homes are for varying levels of income instead of just the median income (which is the usual number for studies about housing affordability). Called The REALTORS® Affordability Distribution Curve and Score, it provides a closer look at where the affordable homes are around the country. We’ve pasted the graph for Maryland above, which shows there are more affordable homes in Maryland based on income. Compare that with the graph for Delaware, which shows there are fewer affordable homes in the state for each income bracket.
Both these graphs are from the interactive site that NAR has put together that has data for all the states around the country. Head over there to play around and see how each state compares.
Here are some more states in our footprint (the map doesn’t include Washington D.C., however, so we aren’t able to include it here).
Are you surprised by any of the results that come up? Let us know in the comments.