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
Real estate not subject to property tax such as that owned by nonprofit entities including charitable, governmental, religious institutions. ...
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Structure that has the same blue print and design as all the other homes in a given development; the opposite of custom built. ...
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Same as term access right: The right of a property owner to freely go to and return from an adjoining highway without interference." rollover;"Same as term: Tax-free exchange that allows ...
Map delineating property values over a designated area. Land value maps are usually developed by a governmental planning agency. ...
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