Analysis: Home affordability in Montgomery County tanks
Montgomery County had the ninth lowest home affordability index in Maryland in the third quarter, according to an analysis of 440 counties by ATTOM Data Solutions.
The county scored a 104 in home affordability in the analysis, which concluded that home affordability around the country has been decreasing. The counties studied had populations of at least 100,000 and had 100 or more third-quarter home sales.
A median-value home in Montgomery County costs $450,500.
The report determines the affordability number based on the household income needed to purchase a median-priced home in the county compared to historical data. An index under 100 indicates affordability is decreasing.
The county’s affordability index declined 9 percent over the same period in 2017.
“The continued slowdown in the rate of home price appreciation nationwide and in many local markets is a rational response to worsening home affordability — which has deteriorated at an accelerated pace this year due to rising mortgage rates,” said Daren Blomquist, senior vice president at ATTOM Data Solutions.
Maryland counties with lowest home affordability indexes
|County||Q3 2018 Median Sales Price||Q3 2017 Affordability Index||Q3 2018 Affordability Index||YoY % Change In Affordability Index|
|Prince George's County||$280,000||110||98||-11%|