Low mortgage rates improve housing affordability

(Getty Images)

(Getty Images)

Palm Beach County homes grew a bit more affordable in the third quarter, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index.

Some 58.9 percent of homes sold in July, August and September were in reach of a typical family, based on a median home price of $236,000 and a median income of $65,400. Those numbers were mostly unchanged from the second quarter, but rock-bottom interest rates improved affordability.

Nationally, affordability ranged from a high of 89.9 percent in Youngstown, Ohio, to a low of 9.7 percent in San Francisco.

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