Rest of Colorado at 9-Year Affordability Low.
According to a new analysis by ATTOM Data Solutions, home affordability levels across the State of Colorado (and the nation) have hit the lowest levels in nearly a decade. The Q4 2016 Home Affordability Index, which measures home affordability across the U.S. against historic norms, indicates there were only two Colorado counties that did not drop below historic norms (index level 100) in Q4: Broomfield County was on par with historic norms at 100, while Mesa County exceeded historic norms at 109.
The Denver Post explains the impact of the affordability index:
“Diminished affordability is coinciding with rapidly rising mortgage rates that are expected to put a home purchase out of reach next year for a larger number of buyers, especially first-timers…
Affordability isn’t just about home prices, but about the ability of incomes to keep pace and the cost of borrowing money. If incomes and home prices rise in tandem, and if mortgage rates remain stable or fall, then a market can maintain affordability.
But that has hardly been the case…
Mesa County is now the only large Colorado county where home buyers continue to enjoy above-average affordability than in the past.”
Read the full story in The Denver Post here.
Explore the Q4 2016 Home Affordability Index here.
Learn more about living in Mesa County and Colorado’s Grand Valley here.
Photo courtesy J.T. Dudrow Photography