Affordability improved in Fulton County compared to last year, according to the Q1 2017 U.S. Home Affordability Index from ATTOM Data Solutions.
The affordability index for Fulton County is 105, which is up from 100 in Q1 2016. An affordability index below 100 means that the share of average wages needed to buy a median-priced home is above the historic average for a given market. The year-over-year median home price growth is down 4.2 percent in Fulton County, while the year-over-year average weekly wage growth is 5.8 percent.
Nationwide, the study showed that one in four county housing markets were less affordable than their historic affordability averages in the first quarter of this year, the highest share of markets below the normal affordability index of 100 since the fourth quarter in 2009.
“Stronger wage growth is the silver lining in this report, outpacing home price growth in more than half of the markets for the first time since Q1 2012, when median home prices were still falling nationwide. If that pattern continues, it will help turn the tide in the eroding home affordability trend,” says Daren Blomquist, senior vice president at ATTOM Data Solutions.
Clayton County also was listed as one of the counties where buying a home required less than 15 percent of average wages, and shows an affordability index of 134. Other Atlanta counties listed above 100 include Bartow with an affordability index of 111 and Paulding with an affordability index of 104.