Here’s What You Need To Earn To Buy A Home In Iredell County

While it may not be the case in two-thirds of the U.S., median home prices in Iredell County are considered affordable for average wage earners, according to a new report from ATTOM Data. Over the past year, median home prices in Iredell County decreased while home affordability increased.

The report, which looked at home affordability for the first quarter of 2018, analyzed 446 counties and found that median home prices were not affordable for average wage earners in 304 counties or in 68 percent of the counties.

In Iredell County, the median sales price for a home in the first quarter of 2018 was $175,000, according to ATTOM. Compared to a year ago, the median home price in Iredell County decreased 3 percent, according to the report.

According to ATTOM, the annual income needed to buy a median price home in Iredell County is $45,759 and an average wage earner was considered qualified to buy a home. According to the report, based on average weekly wages from the Bureau of Labor Statistics, an average wage earner in Iredell County has an annual income of $47,060.

Iredell County had a home affordability index of 112 and was more affordable for average wage earners than its historic affordability average. Iredell County’s affordability index also increased 1 percent when compared to the previous year.

ATTOM collected data from publicly recorded sales deeds and from the bureau of labor statistics. The affordability index is based on the percentage of average wages needed to make monthly house payments on a median-priced home with a 30-year fixed rate mortgage and a 3-percent down payment, including property taxes, home insurance and mortgage insurance. (Read the full methodology here.)

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