The medical capitol of Rochester, Minnesota just got a little more distinguished: Rochester, MN has made it into livability.com’s “Top 10 Best Affordable Places to Live” list. I like this list because it mentions affordable places that people would actually want to live. But there’s plenty of good news to go around….
Turns out, Rochester, MN and the rest of the top ten aren’t the only affordable places to live. A report by a huge entity that has its own think tank (Black Knight Financial Services) that monitors, analyzes and studies all things mortgage and real estate-related released a report that says mortgage payment-to-income ratio is still favorable by historical standards, so it’s easier for many people to buy a home. Black Knight’s Senior Vice President of the Data & Analytics Division Ben Graboske explains it this way: “… it currently takes 21 percent of the median monthly household income to purchase the national median-priced home using a 30-year fixed rate mortgage. That’s down significantly from 33 percent back at the top of the market in 2006, and is still below the average of 26 percent we saw in the more stable years before the housing bubble.” For those of us who aren’t statistical geniuses, this report is saying that homeownership is affordable AND a sound choice. So many people (understandably) got scared by the real estate market crash and we in the real estate and lending industries need to be constant ambassadors (and cheerleaders according to this info!) for homeownership and its benefits. We can do this together! Let’s get this information out to all the people it can help!