Home affordability in Atlanta improved slightly as mortgage rates lowered in September

ATLANTA — While the housing market’s costs in the United States, remains a focus of economic analysts and government officials, a new study from real estate company Zillow showed some relief came in September.

According to Zillow, homes in the metro Atlanta area got almost 10% more affordable for prospective buyers through a combination of lower mortgage rates and increased incomes in September.

In May, Zillow reported Atlantans earning the area median income could only afford 37.9% of homes available for sale.

However, in September, that number rose to 47.4%, Zillow said, as mortgage rates shrank and boosted affordability to what the company called a 19-month high.

In October, even with higher mortgages, buyers at the median income level could afford 46% of homes for sale, according to Zillow.

“Mortgage rates have been on a wild ride this year,” said Orphe Divounguy, a senior economist for Zillow Home Loans. “With improving inflation numbers and more balanced economic activity, mortgage rates could ease slightly heading into the new year. That will mean more affordability and more options for home shoppers. Buyers will be in a stronger position to act quickly when the right home enters their BuyAbility, bringing them one step closer to the American Dream of homeownership.”

Data from the real estate company showed prospective homebuyers are putting budget over everything else, with 80% of recent buyers saying finding a home in their budget is the most important part of finding a new home.

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