TUSCALOOSA, Ala. – The latest Alabama Housing Affordability Index is now posted on the Web site of The University of Alabama’s Alabama Center for Real Estate.
The statewide housing affordability index is calculated as the ratio of the state’s actual median family income to the income needed to finance and purchase the state’s median priced home. An index number of 100 means that a family earning the state’s median income has just enough buying power to qualify for a mortgage loan on the state’s median priced, existing single family home. The higher the index number, the more affordable the housing.
The Center asks that publications include the Center’s Web address for readers who may want to view the report at www.acre.cba.ua.edu.
Contact
Bill Gerdes, Media Relations, 205/345-8318, bgerdes@cba.ua.edu
Grayson M. Glaze, executive director,
Alabama Center for Real Estate, The University of Alabama, 205/348-7714, gglaze@cba.ua.edu