Good news for average workers across the United States as a new report says homeownership is still within their grasp. ATTOM Data Solutions released its first-quarter 2021 U.S. Home Affordability Report showing that median home prices were more affordable than historical averages in a majority of counties. (ATTOM)
- 52% of counties (287 of the 552 counties analyzed to be exact) in the first quarter of 2021 were more affordable than past averages. It should be noted that this was down from 349 in the first quarter of 2020.
- The national median home price shot up 18% to $278,000 in Q1 of 2021. Median home prices were up by at least 10% in 65% of the counties.
- Unfortunately, home price appreciation outpaced average weekly wage growth in 86% of the counties in Q1.
ANALYSIS: Todd Teta, chief product officer with ATTOM Data Solutions, said in a statement, “Much remains uncertain about the housing market in 2021. A lot will depend on how well the broader U.S. economy recovers from the pandemic and whether there are still many more buyers looking to escape congested neighborhoods most prone to the virus, pushing prices even higher.”