Below are dashboards showing the potential impacts of the pandemic on housing affordability in the region. The first illustrates how many wage earners in top industries in the region and towns are needed to afford to buy or to rent a home; the second compares the income needed to afford to buy a home or rent across the region with actual median household incomes; and the third visualizes estimated needed housing assistance due to the unemployment impacts of the pandemic.
This dashboard illustrates how many wage earners in top industries in the region and towns are needed to afford to buy or to rent a home. Click through to see housing costs compared with average wages for the top employment sectors in Barnstable County under different employment and unemployment scenarios.
Numbers have been rounded. Sources: American Community Survey, Bureau of Labor Statistics, Cape Cod & Islands Association of Realtors, and Crane/EPR. *$410,000 was the median sales price in 2019 according to the Cape Cod & Islands Association of Realtors. Calculations assumed a 10% down payment and a 4.125% 30-year loan and used the NerdWallet mortgage calculator to estimate the monthly principal and interest payment. Calculations also used an average of the Cape town’s property tax rates that does not reflect locally-adopted residential tax exemptions, an insurance rate of $4/$1000, and a mortgage insurance rate of $45/$100,000. ^Median gross rent is from 2018 American Community Survey data ($1,268 rounded to $1,270). This analysis assumes housing costs should not exceed 30% of income.