Good news for home shoppers! The average household income has finally risen faster than home values, allowing for a greater number of buyers to afford a new home. Since 2011, we’ve experienced skyrocketing home values but decreasing income levels, creating affordability issues across much of the nation.
The Census Bureau recently released the numbers for 2015 household incomes, and they jumped 5.2% to $56,516 from 2014. This was the first rise in income since the pre-recession days of 2007.
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Despite these affordability issues, mortgage rates have thankfully stayed low since 2011 and eased the sticker shock of home prices for many buyers. As the economy further improves, industry experts anticipate mortgage rates to slowly rise.