Buying a Home is More Affordable Now

Families that have steered cleared of the housing market may want to reconsider their decision to rent instead of own.

A new report from the federal government indicates that U.S. homes are the most affordable they have been in 10 years. The Obama administration's Housing Scorecard found that a combination of record low interest rates and low housing prices are marking this time period as the one to buy, the U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury said.

HUD Assistant Secretary Raphael Bostic said that "the housing market is performing better than the predictions made over a year ago. We're absolutely not claiming victory, but due to the Obama Administration's efforts, improved home affordability is continuing to provide opportunities for prospective, qualified, homebuyers, while promising neighborhood stabilization efforts are helping hard hit neighborhoods start to recover.

Interest rates on 30- and 15-year fixed-rate home loans being at all-time lows isn't hurting the affordability either.