Housing affordability declines with rising rates and home prices

Purchasing a home in Alabama continues to be a challenge even as the state remains more affordable than the rest of the United States, according to a recent report from the Alabama Center for Real Estate. In the third quarter report of the Alabama Housing Affordability Index, Alabama recorded an affordability score of 119, while the nationwide score was 93. The score indicates that a household earning $79,600, the median family income in Alabama, has 1.19 times the income needed to qualify for a loan to purchase a median-priced single-family home. In the Yellowhammer state, the median sales pr