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Median price for home in Missoula rises from 2020 to 2021
Median price for home in Missoula rises from 2020 to 2021
by NBC Montana StaffThursday, May 27th 2021
According to the 2021 Five Valleys Housing Report released Wednesday by the Missoula Organization of Realtors, the median price for a Missoula home rose from $350,000 in 2020 to $420,000 in the first quarter of 2021. Photo: NBC Montana
MISSOULA, Mont. — According to the 2021 Five Valleys Housing Report released Wednesday by the Missoula Organization of Realtors, the median price for a Missoula home rose from $350,000 in 2020 to $420,000 in the first quarter of 2021.
Median describes the point at which half the sales are above that price and half are below, according to the report.
The following was sent out by The Missoula Organization of REALTORS:
{snip}
When buying a median-priced home for $350,000, at an interest rate of 2.50 percent on a 30-year conventional mortgage and a down payment of 5 percent, the required income to qualify is about $93,616. If you overlay this data point with the Census Median Family Income projection of $84,279 for 2020.
The buyer of this scenario would be short approximately $9,300 in annual gross income. This roughly translates into a Housing Affordability Index (HAI, referenced in slide 6 of this section) of 90. In the scenario where the borrower has a 20 percent down payment, the income needed for the same purchase was $75,014, considered affordable at an HAI of 112.
{snip}
by NBC Montana StaffThursday, May 27th 2021
According to the 2021 Five Valleys Housing Report released Wednesday by the Missoula Organization of Realtors, the median price for a Missoula home rose from $350,000 in 2020 to $420,000 in the first quarter of 2021. Photo: NBC Montana
MISSOULA, Mont. — According to the 2021 Five Valleys Housing Report released Wednesday by the Missoula Organization of Realtors, the median price for a Missoula home rose from $350,000 in 2020 to $420,000 in the first quarter of 2021.
Median describes the point at which half the sales are above that price and half are below, according to the report.
The following was sent out by The Missoula Organization of REALTORS:
{snip}
When buying a median-priced home for $350,000, at an interest rate of 2.50 percent on a 30-year conventional mortgage and a down payment of 5 percent, the required income to qualify is about $93,616. If you overlay this data point with the Census Median Family Income projection of $84,279 for 2020.
The buyer of this scenario would be short approximately $9,300 in annual gross income. This roughly translates into a Housing Affordability Index (HAI, referenced in slide 6 of this section) of 90. In the scenario where the borrower has a 20 percent down payment, the income needed for the same purchase was $75,014, considered affordable at an HAI of 112.
{snip}
1 replies
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