Buying a Home is Still Affordable in Dayton Ohio
One of the many things we have learned over the past year is the importance that our home has to us, especially as we underwent lockdowns all over the country due to the pandemic. As a result, many renters and owners of smaller homes began to reevaluate their current living situation and decide if their current lifestyle was still working for them. As the pandemic went on mortgage rates went to record lows and this had several people who were wanting or considering moving to jump at the chance to purchase a home.
As the year went on and into the new year home prices have increased significantly and mortgage rates have risen just slightly. This has caused some homeowners who have not yet purchased a new home that are still interested in a new home to wonder if they should, or if they have missed the prime window for purchasing a home.
When it comes to the affordability of a home in Dayton Ohio, or anywhere for that matter, there are three main factors:
- Mortgage rates
- The size of monthly mortgage payments
- Current home values or home prices
Every year the National Association of Realtors provides a housing affordability index report. This report shows the level of affordability across the nation. Currently, this report shows that right now homes are still more affordable for the average American homebuyer than they were in recent years including the housing crash just a few years ago. This was a time when many homes were being sold in a distressed state for much less money than the owner owed on the current mortgage.
Why Exactly are Homes More Affordable Today as Compared to the Recent Past?
The biggest driving factor of the three above in the affordability of homes today is mortgage rates, although higher than they were last year, they are still at historical lows. Though home prices are rising, a low interest rate allows a buyer to afford more home than they could of in previous years when the rates were at much higher levels.
If you are still considering purchasing a home and are wary about the increase in property value/home prices, you may be surprised to realize how much home you can be approved for with today’s still low mortgage rates.
If you feel you are ready to buy a home in Dayton, taking the next step, and looking into a mortgage, then shopping for a home could save you thousands of dollars before mortgage rates increase. You may discover that you can afford a higher-priced home that does have all of the attributes (and more space) that you are looking for.
For more information on homes for sale in Dayton and surrounding areas please contact us at any time. We are here to help you find an affordable home that suits and fits your needs and lifestyle.