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The National Association of REALTORS® affordability index measures whether or not a typical family could qualify for a mortgage loan on a typical home.

  • A typical home is defined as the national median-priced, existing single-family home as calculated by NAR.
  • The typical family is defined as one earning the median family income as reported by the U.S. Bureau of the Census.
  • The prevailing mortgage interest rate is the effective rate on loans closed on existing homes from the Federal Housing Finance Board.

These components are used to determine if the median income family can qualify for a mortgage on a typical home.