New Study Has Different Perspective On Home Affordability

May 10, 2022


New Study Has Different Perspective On Home Affordability

NWA Daily

Despite the average wage needed to buy a home being at its highest rate since the crash of 2008, homes in Northwest Arkansas remain affordable to most workers in comparison to national averages.

  • Perspective: The median price of a home in Benton County right now is $285,000, and the average household income in the county is $71,000, meaning the average earner is spending 21.1% of their income to secure a mortgage. That is 5.2% less than the national average. 
  • Shifting percentages: In Benton and Washington counties, wages are up 8.6% and 6.1%. The percent of those wages needed to buy homes is below the ceiling of affordability in both counties as well, despite home prices rising. 

See the full Talk Business & Politics story HERE

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