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Home-purchase loan volume is forecast to rise
solidly through 2021, the Mortgage Bankers
Association projects. Driven by a strong economy,
an expected surge in millennial homebuying and low
unemployment, home-purchase volume should hit
$1.31 trillion in 2021, rising for the fifth consecutive
year at that point, the trade group said.
“Housing demand is still strong,
even as mortgage rates increase.
As a result, we’re still forecasting
for modest growth in purchase-
origination volume in 2018.”
Associate vice president of economic and industry forecasting,
Mortgage Bankers Association
Senior vice president, Attom Data Solutions
“Home affordability in the second
quarter of 2018 was the worst
it’s been in nearly 10 years.”
Report: Hefty wages
needed to afford homes
More than 66 million people in the U.S. as of this
past September lived in a county where a six-digit
household income is required to afford a median-priced home in their area. That huge swath of
people is spread across a total of 69 counties,
according to Attom Data Solutions, and each
household would require an income of at least
$100,000 to purchase a median-priced home.
In the nation’s highest-priced counties, residents
require significantly more earnings.
Source: Mortgage Bankers Association
Source: Attom Data Solutions
U.S. Home-Purchase Loan Forecast
Annual Income Required to Buy a Median-Priced Home
in the Least-Affordable U.S. Counties*
*Assumes a 3 percent downpayment and a maximum front-end debt-to-income ratio of 28 percent