Houses Become More Affordable: Rising incomes and...

Houses Become More Affordable: Rising incomes and declining home prices boosted the typical American family’s ability to buy an existing house in September to its highest level in nearly two years, the National Assn. of Realtors said. The group’s housing affordability index rose to 110.9 in September from 107.5 in August. That meant a family with a median income of $35,239 had 110.9% of the income needed to qualify for conventional financing to buy a median-priced home costing $94,300. The median income was $35,125 in August, while the median price of a home was $97,100.