What’s Happened to Housing Affordability?

The National Association of Realtors announced earlier this year that its Housing Affordability Index shows 2012 was a record year for housing affordability.  Subsequently, articles appeared in the media with titles such as “Housing Today Is More Affordable Than at Any Time in History” and “2012 a Banner Year for Housing Affordability, Industry Group Says.” In addition, I’ve seen TV reports that continue to note how affordable housing has become. All of these are at odds with study findings presented …

Mortgages Snare Bigger Share of Boomers’ Earnings

Remember how our parents paid off their homes and then retired? Fewer of us are doing that today. What’s more, our house payments are taking a bigger chunk of our earnings than they did a decade ago, according to an AARP report. Older, middle-income families spent 30 percent or more of their income on housing, up from 20 percent in 2000, the report finds. The median monthly cost: $1,460, up from $1,277 in 2000. Sure, the recession set many families …