Affordability Analysis in Current Property Market - Jan. 31, 2023

Our affordability analysis in the current property market evaluates the financial feasibility of purchasing a property, taking into account factors such as property prices, mortgage rates, and income levels. This analysis aims to help you assess your ability to enter the real estate market.

As of January 2021, Memphis ranked first on the affordability index, indicating a relatively higher affordability level in the property market. Detroit secured the second position, followed by Syracuse in third place. Buenos Aires, Damascus, and Tehran showcased significantly lower scores on the index, suggesting challenges in terms of affordability in those areas.

In January 2022, Memphis maintained its first position on the affordability index, emphasizing its continued affordability in the property market. Detroit ranked second, while Cleveland secured the third spot. Buenos Aires, Damascus, and Tehran remained at the lower end of the index, indicating limited affordability in those areas.

By January 2023, Houston claimed the first position on the affordability index, indicating increased affordability in the property market compared to other areas. Phoenix ranked second, followed by Dallas in third place. Buenos Aires, Caracas, and Colombo showcased significantly lower scores on the index, suggesting challenges in affordability in those locations.

Understanding the affordability analysis in the current property market provides valuable insights into the feasibility of purchasing a property. It helps you gauge the affordability of different areas, taking into account property prices, mortgage rates, and income levels. This information is crucial when considering a property investment or planning to enter the real estate market, allowing you to make informed decisions based on your financial situation.