Affordable homes available in Huntsville market if youâre willing to settle for less
The dream of owning a home is slipping away from working class families, according to one national study, but not so in the Huntsville market.
Affordable homes can still be found in the Huntsville area, but it might mean a little less house than buyers would prefer, according to local Realtors.
“California, Austin, places like that, the average person really can’t buy a house anymore,” said Tim Knox of Leading Edge Real Estate Group. “Affordability is still here. People are just having to ratchet down the amount of house that they can buy.”
According to National Housing Conference’s Paycheck to Paycheck database, the income needed to afford a typically-priced home increased an average of 11% nationally when compared to last year. In one part of Alabama, the Anniston-Oxford-Jacksonville area, it increased 19%.
“By comparing wage data with housing costs, our Paycheck to Paycheck database demonstrates the stark reality of the affordability crisis faced by many Americans,” said NHC President and CEO David M. Dworkin. “While nominal wage increases have been observed in response to higher labor costs, soaring levels of inflation have significantly eroded those gains. As both housing and rental prices skyrocket, the dream of a decent home is slipping out of reach for far too many hardworking individuals and families.”