Record low mortgage rates, steady incomes, and falling home prices combined to boost affordability in Boise, Idaho.
The ratio of debt service (principle and interest) relative to the local median household income stood at 9.3% in the 2nd quarter of 2011, down from 9.4% in 2010 and well below the national average of 14.7%.
Historically, the local long-term average was 13.4%.
Curious about affordability conditions in your market? For more information, see the Local Market Reports for the 2nd quarter of 2011.
Ken Fears is the Manager of Regional Economics and Housing Finance Policy. He focuses on regional and local market trends found in the Local Market Reports and the Market Watch Reports . He also writes on developments in the mortgage industry and foreclosures.