With housing prices now down to 2002 levels throughout most of the country, many people who previously shied away from real estate are now thinking of locking in a deal. Not so fast! While affordability has certainly improved in many areas, prices in others remain high when compared to pre-bubble long-term averages. To visualize home affordability throughout the country, we compare price-to-rent ratios in various metro areas to where they were at the peak of the bubble (2006), as well as their long-term pre-bubble average (1989 to 2003).
(Click on the interactive infographic below to learn more.)
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