Washoe County posted the lowest home affordability index in Nevada, according to an analysis of 440 counties nationwide by ATTOM Data Solutions in the third quarter.
The county’s affordability index was 80 in the analysis, which reported modest home value appreciation and decreasing home affordability nationwide. The counties analyzed had populations of 100,000 or more and recorded 100 or more home sales in the third quarter.
The report determines the affordability number based on the household income needed to purchase a median-priced home in the county compared to historical data. An index under 100 indicates declining affordability.
In Washoe County, a median home costs $358,900.
“The continued slowdown in the rate of home price appreciation nationwide and in many local markets is a rational response to worsening home affordability — which has deteriorated at an accelerated pace this year due to rising mortgage rates,” said Daren Blomquist, senior vice president at ATTOM Data Solutions.
Nevada counties with lowest home affordability indexes
|Rank||County||Q3 2018 Median Sales Price||Q3 2017 Affordability Index||Q3 2018 Affordability Index||YoY Pct Change In Affordability Index|
Source: ATTOM Data Solutions