A family earning the Northeast’s median income of $123,915 now falls nearly $19,000 short of the income needed to qualify for the region’s median-priced home.
The gap comes from the National Association of Realtors’ Housing Affordability Index, released July 9 with preliminary June data.
The Northeast’s index fell to 86.8 in June, down from 92.9 in May. The median family in the region earns 86.8 percent of the $142,704 needed to qualify for the median-priced single-family home at prevailing mortgage rates. A reading of 100 marks the break-even point. The Northeast hasn’t seen one in months.
