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Home Affordability Grew in Second Quarter, Despite Coronavirus Risks

Buying conditions improved in the second quarter among average workers in the US, although concerns over the pandemic may have an adverse effect in the coming months.

Median home prices stayed more affordable than historic averages in the second quarter of 2020, according to a new ATTOM data solutions report.

The study found that 49% of single-family homes and condos in counties with enough data to analyze were more affordable than the historic average. This is up from 31% a year ago. ATTOM determined affordability by calculating the income needed to make monthly payments on a medium-priced home, accounting fora 3 percent down payment and a 28 percent maximum “front-end” debt-to-income ratio.

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Samantha Stokes

Samantha Stokes

Samantha Stokes, based in New York, is a staff reporter at American Lawyer covering the business of law. You can reach her at [email protected] or on Twitter: @stokessamanthaj.

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