The average purchase price for a single-family home went up over 14% in December 2015. The average price in your market area matters most! By example the average price was $214,000 in July, 2014, up 13.5 percent from a year prior versus in October 2006 was $306,258, according to the The Federal Housing Finance Board. Although the market has been improving clearly most home owners are still challenged with their homes not being at the price level they would like while many first time home buyers still struggle with finding affordable housing due to the increases in other inflation based costs yet while mortgage rates are going up the deflation trends due to such factors as gas prices should begin to free up more financing..
For instance, average families who live in the middle income areas like Dupage County, IL, and earn the county’s median income of $72,400, could not afford to purchase a single-family home at the median 2006 rate in the area, $343,500. Today they could be struggling with “getting bank approvals” and per government guidelines at the current median rate level of $214,000.
About Dr. Soram Khalsa
As an MD, Dr Soram specializes in Integrative Medicine combining diet, nutrition, acupuncture, herbs and nutrition. Visit Dr Soram’s Healthy Living Store where you’ll find high-quality nutritional supplements:
