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With affordability remaining a concern for many Americans, homeownership is no easy task. However, in some counties, affordability seems to be making strides. According to a Q3 home affordability analysis by nationwide property data provider ATTOM, a 3% decline in homeownership expenses and an increase in average wages have slightly improved affordability across the U.S. housing market. Of the regions analyzed in the report, Fairfield County, Ohio; Mobile County, Ala.; and Richmond City County, Va., saw the most significant affordability improvements.
The affordability report found that in the third quarter of 2024, homeownership is less affordable than historical averages in 99.5 percent of the 578 counties analyzed, a level consistent with the second quarter of 2024 and the same period last year—significantly higher than the 5.4 percent seen in the first quarter of 2021. However, historical affordability indexes improved in roughly three-quarters of the counties reviewed, lifting the nationwide index from its lowest point in 17 years.
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