Home Affordability Index
Definition of "Home affordability index"
Measure of the typical U.S. family's ability to buy a home, published by the National Association of Realtors. When the Index measures 100, a family earning the median income has exactly the amount needed to purchase a median-priced, previously owned home, using conventional financing and a 20% down payment. For example, an index of 140.9 means that half the families in the nation have at least 140.9% if the income needed to qualify for the purchase of a home with a median price of, say, $107,400. some experts maintain that every one-point increase rate results in 300,000 fewer home sales.
Popular Real Estate Terms
A lease requiring tenants to pay all utilities, insurance, taxes, and maintenance costs. ...
In appraisal jargon, property currently being appraised. ...
An organized group of ethical behavior guidelines governing the day-to-day activities of a profession or organization. ...
Modeled after the English Georgian style, this architecture is a perfectly scaled grand symmetrical structure which is extremely formal and conventional in style. ...
lease computed as a percentage of the underlying appraised property value. Under the terms of a reappraisal lease, the rent is periodically adjusted using an independent appraisal of the ...
Horizontal wood siding commonly used on the exterior of buildings which overlap each other. ...
Any permanent development that has been made to a parcel of land. Improved land features include whether the land has fruit bearing trees or crops producer by labor, landscaping, or ...
Regional area from which a particular product or service can expect its greatest demand. For example, a retail department store expects to attract shoppers from a market area having a ...
The tenant is forced to leave the premises if he complains about the poor condition of the apartment or office space he has leased. This type of eviction is illegal in many states. ...
Have a question or comment?
We're here to help.