Housing cost and price growth, combined with higher interest rates and lackluster income gains, took a significant toll on housing affordability in 2018. Home sales suffered during the second half of the year as result.
According to the NAHB/Wells Fargo Housing Opportunity Index (HOI), just 56 percent of new and existing home transactions nationwide were affordable for a typical family during the third quarter of 2018. At the start of last year, the index was at a level of 62, which in turn was down from 78 at the start of 2012.
Read more (from source): Here’s a policy agenda to help more people become homeowners