DECATUR, Ill. (WAND) — Housing affordability in the U.S. has fallen to its lowest level since 1989.
NBC News reports median home prices have eclipsed $400,000 for the first time. Surging home prices and mortgage rates have continued to climb rapidly, while income growth has crawled along at a much slower rate. Monthly mortgage payments have jumped 53.7 percent over the past year. Family incomes have only climbed 5.8 percent.
But central Illinois is holding steady — especially when compared to other markets.
"It is true prices have gone up over the last couple of years just like everywhere else in the country," said Tony Piraino, a realtor with Brinkoetter Realtors' Key Team. "However...this area in general is still the most affordable area in the country."
For their population size, Piraino said Decatur, Champaign and Springfield all rank in the top ten for most affordable cities.
But that's not to say central Illinois has been immune to rising prices. Brinkoetter Realtors reports the average sales prices for a Macon County home climbed from $118,126 in 2019 to $135,914 in 2021.
