Access and Affordability: Interactive map and research on 3 barriers to homeownership

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Today’s prospective homebuyers face major obstacles to homeownership, particularly affordability, tight credit standards, and difficulty accumulating enough savings for a down payment.

This interactive map helps homebuyers, policymakers, and community leaders better understand the challenges and tools in their state by providing a comprehensive view of 16 housing market factors and allowing users to compare these factors between states.

By rolling over any state on the map or bar chart, users can visit that state’s housing finance agency website to learn more about the low–down payment, no–down payment, and other homeownership programs available.

This data feature is a supplement to a comprehensive report on barriers to homeownership.

The links along the above take users to additional Housing Finance Policy Center work on access to credit, affordability, and down payments.

 
Source: eMBS, CoreLogic, U.S. Census, Current Population Survey, American Community Survey, Moody's Analytics, Freddie Mac Primary Mortgage Market Survey, Down Payment Resource and the Urban Institute.
Note: Data based on agency purchase money originations in 2016.

Users can review these 16 variables across the US:

  1. Median home value
  2. Median family income
  3. First-time homebuyer share
  4. Median FICO score
  5. Median loan-to-value ratio
  6. Median debt-to-income ratio
  7. Conventional loan share (loans with no government insurance or guarantee)
  8. Federal Housing Administration loan share
  9. US Department of Veterans Affairs loan share
  10. Share of loans with a weak credit profile (loan-to-value ratios greater than 95 percent and credit scores below 700)
  11. Share of loans with a down payment of 20 percent or more
  12. Share of loans with a down payment of 3.5 percent or less
  13. Affordability index with a 20 percent down payment (portion of the state’s median income needed to pay the state’s median monthly mortgage with a 20 percent down payment; a higher index indicates a less affordable housing market because a greater portion of income is dedicated to the mortgage)
  14. Affordability index with a 3.5 percent down payment (portion of the state’s median income needed to pay the state’s median monthly mortgage with a 3.5 percent down payment; a higher index indicates a less affordable housing market because a greater portion of income is dedicated to the mortgage)
  15. State housing finance and other agencies
  16. Total active programs

Last updated November 16, 2017