End in Sight for Housing Troubles?
Daniel L. Chertok
October 10, 2011
A historical relationship between home prices and family income is examined based on more than 40 years of data. A new home affordability ratio based on the average home price, family income and mortgage rates is analyzed in the historical context. This indicator is used to gauge the current state of the residential housing market in the United States. Historical data points to an imminent but slow recovery in the housing market over the next few years.
Number of Pages in PDF File: 15
Keywords: housing, real estate, residential, home price, affordability ratio, median family income, recovery, recession
JEL Classification: R33, E50, E37working papers series
Date posted: October 10, 2011 ; Last revised: November 8, 2012
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