More than 83 percent of households in the Vancouver-Portland metro area cannot afford a median-priced new home, according to new data.
The National Association of Home Builders data indicates homeownership is slipping further out of reach for many. In metro areas like Vancouver-Portland, many households no longer earn enough income to qualify for the mortgage on the median new home. The median price for a newly built home in Vancouver-Portland is $729,000, requiring an income of about $209,000 to qualify for a mortgage, according to the report.
If the median new home price rises by even $1,000 in Vancouver, 160 households will be priced out because their incomes would no longer be enough to qualify for a mortgage…