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Data for 2nd quarter
of each year. For the second quarter 2008 affordability in Washington was
95.5, meaning the typical family had a 4.5% income shortfall in terms of
affording the typical (median price) home.
In Spokane they typical home is affordable, with the current measure
indicating a 22.1% cushion on the ability to afford a home. Now, the industry needs to convince
consumers the time is ripe to buy without appearing self-serving. With the kinds of affordability numbers we
say in the first half of this decade it comes as no surprise that the market
took off and prices surged. It wasn’t
irrational exuberance or unjustified lending driving the local market – it
was common sense!
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