It takes 23.6% of median income to make the monthly payment on the average-priced home.
In it's latest report, the Black Knight Mortgage Monitor confuses affordability with payment stress and fails to make an apples-to-apples comparison when determining homes are "more affordable" today than in the period 1995-2003.
Nonetheless, the report is interesting for what it does show. I am passing on a number of suggestion to them as to how to make the report better.
Mortgage Monitor Bullet Points
It now takes 23.6% of median income to make the monthly payment on the average-priced home, making housing the least affordable it’s been in nearly a decade.
The monthly principal and interest payment needed to purchase the average-priced home has seen a $190 per month increase since the beginning of 2018, an 18% jump.