For much of the country, housing prices are their most affordable in roughly four decades, according to data from the National Association of Realtors. The Housing Affordability Index, which tracks back to 1971, hit a record high of 158.8 in December, meaning that a family with the median income has 158.8 percent of the income required to qualify for a mortgage on a median-priced home. Before your get too excited, remember that since that New York City has lagged the rest of the nation in the down-cycle, housing in the Big Apple probably isn't quite as affordable as this chart would suggest.
Housing Affordability at Record High [NY Times]
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