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by rrrrrrrrrrrryan
1763 days ago
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I worked in the mortgage industry for a couple years, and it was common knowledge there that California home prices were the most tightly coupled with interest rate changes. I'm not sure which markets are at the opposite end of the spectrum, but you could probably get a good idea by looking at the ratios between median household income vs. median mortgage payment in any given market. Households (currently) spending a smaller fraction of their paycheck to pay their mortgage should be able to better absorb some price increases. According to this visualisation on Zillow[1], California is indeed the worst. The median household in San Jose would have to allocate 53% of their income to pay a median mortgage, compared to the national average of 17.5%: [1] https://www.zillow.com/research/q2-2018-affordability-21286/ |
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