Delphine Sealy

After three consecutive quarters of modest improvement, housing affordability declined in the second quarter as higher mortgage rates, rising construction costs and economic uncertainty weighed According to the latest data from the National Association of Home Builders (NAHB)/Wells Fargo Cost of Housing Index (CHI), results from the second quarter show that a family earning the nation’s median income of $106,800 needed 34% of its income to cover the mortgage payment on a median-priced new home.