Report: Albuquerque homebuyers using 42% of income for housing
The penny-pinching goes beyond just those looking to buy a home. Renting has also become more unaffordable in Albuquerque recently.
ALBUQUERQUE, N.M. — Recent reports indicate it’s getting tougher for homebuyers, and even renters, to find an affordable place to live in Albuquerque.
According to our partners at Albuquerque Business First, data from RealtyHop shows prospective homebuyers have to shell out 42% of their income for housing. Federal officials consider housing costs of 30% of an income or less to be “affordable.” Albuquerque ranks 45th of 100 cities for unaffordable housing, based on household income, home listing prices and property taxes data.
The Greater Albuquerque Association of Realtors says housing prices have jumped more than 100% in the last decade.
Albuquerque was also ranked the 100th-best city for renters, according to RentCafe.