First-time Homebuyer Affordability

Starter home price: $137,400

10% down payment: $13,740

Loan: $123,660

Interest rate: 6.11% (fixed rate)

Plus private mortgage insurance: 6.36%

Yearly Payment $9240

Assume can afford 25% of income for mortgage, excluding taxes.

Qualifying income: $36,960.

First-time buyer median income: $30,032

First-time buyer index: 30032/36960 = 81.3