A loaf of bread used to be a nickel. A movie ticket was a dime. While everything seems to be so much more expensive than the good 'ol days, Americans are actually paying 17.4% of their income toward their mortgage payment. Just a generation ago, that average was at 21%*.
Bottom Line
The cost of purchasing a home today is a bargain compared to previous generations when we look at it from a percentage of income basis. However, with mortgage rates expected to increase and home prices continuing to appreciate, that will not always be the case. Whether you are buying your first home or looking to move-up to a more expensive home, purchasing sooner rather than later probably makes sense.
*Home Affordability Index published by the National Association of Realtors
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