Housing is reaching record affordability, according to the Housing Affordability Index (HAI), the most widely-cited measure of housing affordability. The HAI is at near-record highs, which, as Freddie Mac points out, means “the median-income family has more than enough income to qualify for a mortgage to buy the median-price house.”

But many people still believe homeownership is out of reach. Why? Freddie Mac gives three reasons: Houses are expensive, houses are hard to find, and borrowers are uncertain if they can qualify for a mortgage.

The HAI only measures whether the median-income family has sufficient income to comfortably cover the monthly mortgage payment on the median-price house, Freddie Mac explains, but of course there are other qualifications as well, such as outstanding debt, credit scores, documentation of income, and cash for down payments.

These factors play a big role in why so many people feel like homeownership is out of reach, but the HAI isn’t lying when it states that mortgage payments are more affordable today than at almost any time in history.

If you want to know whether or not you qualify for a mortgage, we’d love to give you a free consultation. Call Michael Hawkins directly at 972-369-6913.

That white picket fence might be closer than you realize.

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