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US Housing Affordability Remains at a Record Low

US Housing Affordability Remains at a Record Low

US Housing Market - 1 Minute Read


According to a story published in Bloomberg, the National Association of Realtors (NAR) Fixed Rate Mortgage Housing Affordability Index remained at a record low of 87.8 in July 2023. The Housing Affordability Index (HAI) equals 100 when borrowers’ median income qualifies for an 80% mortgage on a median-priced existing single-family home. That is, the index is a measure of borrowers’ qualifications, not a percentage of some specific time period, as is the case with many economic indexes.

Here is the graph showing the Fixed Rate Mortgage Housing Affordability Index going back to 1989 when NAR become calculating the index.

Graph showing the NAR Housing Affordability Index

NAR also publishes the Affordabiity Index of Exising Single-Family Homes for Metropolitan Areas. The latest published reading for Salt Lake City, Utah was 82.5, a 31% descrease in a single year. The Salt Lake City reading was 134.5 in 2019.

Read full story on Bloomberg (subscription required)
Andy Krumel


Andy is a former naval aviator and Silicon Valley entrepreneur, having spent over 15 years delivering groundbreaking mobile and SAAS products. Andy brings his technical experience and innovative approaches to Slope Style Realty and KW Park City Keller Williams as a licensed Realtor.

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