Housing Affordability Exceeds Reach Of Average Wage Earner

January 19, 2023

Real Estate

Housing Affordability Exceeds Reach Of Average Wage Earner

NWA Daily

Attom Data Solutions' recent 2022 U.S. Home Affordability Report reveals that housing affordability has worsened across Northwest Arkansas, making it hard for first-time home buyers to navigate the housing market.

  • Big budget lines: The national average of a person's paycheck spent on mortgage and housing expenses is 32.3%. Comparatively, the study found Benton County's average was 29% and Washington County's 36%.
  • Outpaced: While average wages have increased since last year, they've not matched the pace of rising home prices. In Benton County, wages are up 3%, but the median home price rose 10% last year. In Washington County, wages rose by 9% and home prices by 14%.

Read more from Talk Business & Politics HERE.

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