Kent County Among Worst in Country for Home Affordability
ATTOM Data Solutions' new U.S. Home Affordability Report shows that U.S. home prices in the third quarter were the least affordable since 2008, with Kent County ranking among the least affordable relative to long-term averages.
The study considers a variety of factors, but the one where Kent County stands out ranked 128 counties with a population of 500,000 or more by their current affordability index vs. their long-term average affordability index.
Those ranking the highest compared to long-term averages are: Denver County, Colorado (70); Arapahoe County, Colorado in the Denver metro area (73); Tarrant County, Texas in the Dallas-Fort Worth metro area (74); Kent County (Grand Rapids), Michigan (74); and Jefferson County, Colorado in the Denver metro area (75).
Being on the list is not necessarily a bad thing.
Kent County is growing, both economically and in population, and the housing market is growing too. The rise in average affordability is to be expected as property becomes more valuable. In areas not enjoying growth, a rise in long-term average affordability could be a concern to buyers.
Whether an area is growing or not, changes in the affordability index ultimately lead to a change in those who are able to buy a home as some get priced-out of the market.