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HOUSING
AFFORDABILITY
INDEX
An index number gives you an immediate handle on where the value of something stands at the present moment. For many yean, the slock market has hod indexee^Vheh <ns‘*e Dow Jonas, so you could judge the overall poshkm of die stock market at a glance.
Well, after many, many years, the housing market now has an index too. It is called the Homing Affordability Index and it is published monthly by the National Association of Realtors. It shows the relationship between the median family income and the median priced home.
Assuming housing affordability to be 25% of gram income, the index would read 100 a a month when the median family income could purchase dm median priced home. An index figtree of dO wtmld indicate that the median family income area 20% below that needed to buy the median priced home for a particular month.
Now you can forget the index because every home has a buyer at the tight price. We deal with people and property and no two are alike.
If there is anything we can do to help you in the field of real estate, please phone or drop in at EILEEN M. DAY, Realtor, The Oopton House, Washington, VA. 22747. Phone: 6753400. We're here to help.
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