Current US Housing Affordability Index: 104.50 (+5.5% vs last year)
Sep 2025
This index is one of the most widely used measures of how affordable homeownership is for the typical American family, taking into account income, home prices, and mortgage rates.
The Fixed Housing Affordability Index (HAI)—most often published by the National Association of Realtors (NAR)—shows whether a typical family earns enough income to qualify for a mortgage on a median-priced home, assuming a fixed-rate mortgage.
Key Concept:
HAI = 100 means the median family has exactly enough income to qualify for a mortgage on a median-priced home.
HAI > 100: Median family income is more than enough → homes are relatively affordable.
HAI < 100: Median family income is not enough → homes are relatively unaffordable.
The NAR’s simplified formula is: HAI = (Median Family Income / Qualifying Income) * 100
Where:
Median Family Income = median annual income of U.S. families (from Census or HUD).
Qualifying Income = income needed to afford a median-priced existing single-family home with a 20% down payment and a 30-year fixed-rate mortgage.
Key Concept:
HAI = 100 means the median family has exactly enough income to qualify for a mortgage on a median-priced home.
HAI > 100: Median family income is more than enough → homes are relatively affordable.
HAI < 100: Median family income is not enough → homes are relatively unaffordable.
The NAR’s simplified formula is: HAI = (Median Family Income / Qualifying Income) * 100
Where:
Median Family Income = median annual income of U.S. families (from Census or HUD).
Qualifying Income = income needed to afford a median-priced existing single-family home with a 20% down payment and a 30-year fixed-rate mortgage.