Table 5-1: Effect of Changes in Interest Rates on Affordability Status of Families and Unrelated Individuals for a Median-Priced Home, by Current Tenure and Type of Financing: United States, 1993 (Numbers in thousands. Data may not add to total due to rounding) ------------------------------------------------------------------------------------------------------------------------------------------------- | Cannot afford median-priced home in area | |----------------------------------------------------------------------------------------------------------------| | Families | | |------------------------------------------------------------------------------------------| | | | |Male householder, no |Female householder, no | Unrelated | | Total | Married-couple |wife present |husband present | Individuals | |----------------------|---------------------|---------------------|-----------------------|---------------------| Change in interest rate | Number | Percent | Number | Percent | Number | Percent | Number | Percent | Number | Percent | -------------------------------|-----------|----------|----------|----------|----------|----------|-----------|-----------|----------|----------| USING CONVENTIONAL, FIXED-RATE,| | | | | | | | | | | 30-YEAR FINANCING | | | | | | | | | | | | | | | | | | | | | | Total | | | | | | | | | | | Rate 3.0 percent lower.........| 33,444 | 46.9 | 19,748 | 36.7 | 2,013 | 65.8 | 11,683 | 80.8 | 26,707 | 72.7 | Rate 2.0 percent lower.........| 34,025 | 47.7 | 20,187 | 37.5 | 2,043 | 66.7 | 11,795 | 81.6 | 27,027 | 73.5 | Rate 1.0 percent lower.........| 34,754 | 48.7 | 20,734 | 38.5 | 2,107 | 68.8 | 11,913 | 82.4 | 27,313 | 74.3 | Rate 0.5 percent lower.........| 35,057 | 49.1 | 20,970 | 39.0 | 2,114 | 69.1 | 11,973 | 82.8 | 27,430 | 74.6 | Current rate...................| 35,329 | 49.5 | 21,185 | 39.4 | 2,129 | 69.5 | 12,015 | 83.1 | 27,557 | 75.0 | Rate 0.5 percent higher........| 35,644 | 50.0 | 21,432 | 39.8 | 2,159 | 70.5 | 12,053 | 83.3 | 27,655 | 75.3 | Rate 1.0 percent higher........| 36,048 | 50.5 | 21,753 | 40.4 | 2,173 | 71.0 | 12,122 | 83.8 | 27,764 | 75.5 | Rate 2.0 percent higher........| 36,818 | 51.6 | 22,365 | 41.6 | 2,197 | 71.7 | 12,257 | 84.8 | 28,071 | 76.4 | Rate 3.0 percent higher........| 37,466 | 52.5 | 22,900 | 42.5 | 2,221 | 72.5 | 12,345 | 85.4 | 28,290 | 77.0 | | | | | | | | | | | | | | | | | | | | | | | Current owners | | | | | | | | | | | Rate 3.0 percent lower.........| 14,675 | 29.0 | 9,709 | 23.1 | 948 | 49.0 | 4,017 | 60.5 | 8,208 | 49.5 | Rate 2.0 percent lower.........| 15,183 | 30.0 | 10,091 | 24.0 | 974 | 50.3 | 4,118 | 62.1 | 8,442 | 51.0 | Rate 1.0 percent lower.........| 15,860 | 31.3 | 10,595 | 25.2 | 1,032 | 53.3 | 4,233 | 63.8 | 8,656 | 52.3 | Rate 0.5 percent lower.........| 16,137 | 31.9 | 10,819 | 25.7 | 1,039 | 53.7 | 4,280 | 64.5 | 8,741 | 52.8 | Current rate...................| 16,386 | 32.4 | 11,013 | 26.2 | 1,051 | 54.3 | 4,322 | 65.1 | 8,833 | 53.3 | Rate 0.5 percent higher........| 16,672 | 32.9 | 11,237 | 26.7 | 1,082 | 55.9 | 4,353 | 65.6 | 8,910 | 53.8 | Rate 1.0 percent higher........| 17,024 | 33.6 | 11,521 | 27.4 | 1,096 | 56.6 | 4,407 | 66.4 | 8,995 | 54.3 | Rate 2.0 percent higher........| 17,722 | 35.0 | 12,080 | 28.7 | 1,113 | 57.5 | 4,530 | 68.3 | 9,201 | 55.5 | Rate 3.0 percent higher........| 18,310 | 36.2 | 12,567 | 29.9 | 1,137 | 58.7 | 4,606 | 69.4 | 9,371 | 56.6 | | | | | | | | | | | | | | | | | | | | | | | Current renters | | | | | | | | | | | Rate 3.0 percent lower.........| 18,770 | 90.6 | 10,039 | 85.3 | 1,065 | 94.7 | 7,665 | 98.0 | 18,500 | 91.7 | Rate 2.0 percent lower.........| 18,842 | 90.9 | 10,096 | 85.8 | 1,069 | 95.0 | 7,677 | 98.1 | 18,585 | 92.1 | Rate 1.0 percent lower.........| 18,894 | 91.2 | 10,139 | 86.1 | 1,075 | 95.5 | 7,680 | 98.1 | 18,657 | 92.4 | Rate 0.5 percent lower.........| 18,920 | 91.3 | 10,152 | 86.2 | 1,075 | 95.5 | 7,693 | 98.3 | 18,689 | 92.6 | Current rate...................| 18,943 | 91.4 | 10,172 | 86.4 | 1,078 | 95.7 | 7,693 | 98.3 | 18,723 | 92.8 | Rate 0.5 percent higher........| 18,971 | 91.6 | 10,194 | 86.6 | 1,078 | 95.7 | 7,699 | 98.4 | 18,745 | 92.9 | Rate 1.0 percent higher........| 19,024 | 91.8 | 10,232 | 86.9 | 1,078 | 95.7 | 7,715 | 98.6 | 18,768 | 93.0 | Rate 2.0 percent higher........| 19,096 | 92.2 | 10,285 | 87.4 | 1,084 | 96.3 | 7,728 | 98.8 | 18,870 | 93.5 | Rate 3.0 percent higher........| 19,156 | 92.4 | 10,333 | 87.8 | 1,084 | 96.3 | 7,739 | 98.9 | 18,919 | 93.7 | | | | | | | | | | | | ------------------------------------------------------------------------------------------------------------------------------------------------- Table 5-1: Effect of Changes in Interest Rates on Affordability Status of Families and Unrelated Individuals for a Median-Priced Home, by Current Tenure and Type of Financing: United States, 1993 - Continued (Numbers in thousands. Data may not add to total due to rounding) ------------------------------------------------------------------------------------------------------------------------------------------------- | Cannot afford median-priced home in area | |----------------------------------------------------------------------------------------------------------------| | Families | | |------------------------------------------------------------------------------------------| | | | |Male householder, no |Female householder, no | Unrelated | | Total | Married-couple |wife present |husband present | Individuals | |----------------------|---------------------|---------------------|-----------------------|---------------------| Change in interest rate | Number | Percent | Number | Percent | Number | Percent | Number | Percent | Number | Percent | -------------------------------|-----------|----------|----------|----------|----------|----------|-----------|-----------|----------|----------| USING FHA, FIXED-RATE, 30-YEAR | | | | | | | | | | | FINANCING | | | | | | | | | | | | | | | | | | | | | | Total | | | | | | | | | | | Rate 3.0 percent lower.........| 32,816 | 46.0 | 19,085 | 35.5 | 2,026 | 66.2 | 11,705 | 80.9 | 26,688 | 72.6 | Rate 2.0 percent lower.........| 33,512 | 47.0 | 19,609 | 36.4 | 2,085 | 68.1 | 11,818 | 81.7 | 26,979 | 73.4 | Rate 1.0 percent lower.........| 34,177 | 47.9 | 20,135 | 37.4 | 2,111 | 68.9 | 11,931 | 82.5 | 27,227 | 74.1 | Rate 0.5 percent lower.........| 34,518 | 48.4 | 20,401 | 37.9 | 2,129 | 69.6 | 11,988 | 82.9 | 27,350 | 74.4 | Current rate...................| 34,868 | 48.9 | 20,664 | 38.4 | 2,148 | 70.1 | 12,056 | 83.4 | 27,477 | 74.8 | Rate 0.5 percent higher........| 35,262 | 49.4 | 20,985 | 39.0 | 2,166 | 70.8 | 12,111 | 83.8 | 27,611 | 75.1 | Rate 1.0 percent higher........| 35,687 | 50.0 | 21,341 | 39.7 | 2,183 | 71.3 | 12,163 | 84.1 | 27,744 | 75.5 | Rate 2.0 percent higher........| 36,409 | 51.0 | 21,931 | 40.7 | 2,206 | 72.1 | 12,272 | 84.9 | 28,027 | 76.3 | Rate 3.0 percent higher........| 37,169 | 52.1 | 22,575 | 41.9 | 2,241 | 73.2 | 12,353 | 85.4 | 28,329 | 77.1 | | | | | | | | | | | | | | | | | | | | | | | Current owners | | | | | | | | | | | Rate 3.0 percent lower.........| 14,212 | 28.1 | 9,208 | 21.9 | 958 | 49.5 | 4,047 | 61.0 | 8,258 | 49.8 | Rate 2.0 percent lower.........| 14,822 | 29.3 | 9,662 | 23.0 | 1,010 | 52.2 | 4,150 | 62.5 | 8,462 | 51.1 | Rate 1.0 percent lower.........| 15,440 | 30.5 | 10,158 | 24.2 | 1,036 | 53.5 | 4,246 | 64.0 | 8,648 | 52.2 | Rate 0.5 percent lower.........| 15,736 | 31.1 | 10,384 | 24.7 | 1,052 | 54.3 | 4,300 | 64.8 | 8,727 | 52.7 | Current rate...................| 16,045 | 31.7 | 10,620 | 25.3 | 1,070 | 55.3 | 4,354 | 65.6 | 8,822 | 53.3 | Rate 0.5 percent higher........| 16,377 | 32.4 | 10,887 | 25.9 | 1,089 | 56.2 | 4,401 | 66.3 | 8,914 | 53.8 | Rate 1.0 percent higher........| 16,768 | 33.1 | 11,217 | 26.7 | 1,102 | 56.9 | 4,449 | 67.0 | 8,994 | 54.3 | Rate 2.0 percent higher........| 17,416 | 34.4 | 11,744 | 27.9 | 1,122 | 58.0 | 4,550 | 68.6 | 9,207 | 55.6 | Rate 3.0 percent higher........| 18,103 | 35.8 | 12,329 | 29.3 | 1,152 | 59.5 | 4,622 | 69.7 | 9,448 | 57.0 | | | | | | | | | | | | | | | | | | | | | | | Current renters | | | | | | | | | | | Rate 3.0 percent lower.........| 18,604 | 89.8 | 9,877 | 83.9 | 1,069 | 95.0 | 7,658 | 97.9 | 18,430 | 91.3 | Rate 2.0 percent lower.........| 18,689 | 90.2 | 9,946 | 84.5 | 1,075 | 95.5 | 7,668 | 98.0 | 18,517 | 91.7 | Rate 1.0 percent lower.........| 18,737 | 90.4 | 9,977 | 84.8 | 1,075 | 95.5 | 7,684 | 98.2 | 18,580 | 92.1 | Rate 0.5 percent lower.........| 18,782 | 90.6 | 10,017 | 85.1 | 1,078 | 95.7 | 7,688 | 98.2 | 18,622 | 92.3 | Current rate...................| 18,824 | 90.8 | 10,044 | 85.3 | 1,078 | 95.7 | 7,702 | 98.4 | 18,655 | 92.4 | Rate 0.5 percent higher........| 18,885 | 91.1 | 10,097 | 85.8 | 1,078 | 95.7 | 7,711 | 98.5 | 18,697 | 92.6 | Rate 1.0 percent higher........| 18,919 | 91.3 | 10,124 | 86.0 | 1,081 | 96.1 | 7,714 | 98.6 | 18,751 | 92.9 | Rate 2.0 percent higher........| 18,993 | 91.7 | 10,187 | 86.5 | 1,084 | 96.3 | 7,722 | 98.7 | 18,820 | 93.2 | Rate 3.0 percent higher........| 19,066 | 92.0 | 10,246 | 87.0 | 1,089 | 96.8 | 7,730 | 98.8 | 18,881 | 93.6 | | | | | | | | | | | | -------------------------------------------------------------------------------------------------------------------------------------------------