More Homes Sales Means More Business Opportunity, But At What Cost?
Rising incomes are giving a boost to affordable homes and the ability for the employed to venture into the remodeling realm . Strong wage growth through 2018 has more than offset an increase in mortgage interest rates to boost nationwide housing affordability in the first quarter of 2019. In all, 61.6 percent of new and existing homes sold between the beginning of January and end of March were affordable to families earning the U.S. median income of $71,900. This is up from 59.6 percent of homes sold that were affordable to median-income earners in the fourth quarter. Spikes in job growth, better wages, and strong buyer confidence are fueling the global housing demand. In turn, this should lead to more buyers entering the housing market during 2019. But, builders continue to face hesitation that could impact the affordability of custom home products such as windows and doors. Mortgage rates also continue to rise which will place downward pressure on the affordability of