Rising prices have made U.S. homes as unaffordable as they have been in eight years, although wage hikes have eased the burden for buyers in the Columbus area, according to data released this morning.

In its quarterly affordability index, Attom Data Solutions concluded that affordability dropped in the first quarter to its lowest point since the fourth quarter of 2008.

“Home affordability continued to worsen in the first quarter — not surprising given the continued strong growth in home prices combined with the recent rise in mortgage rates,” said Daren Blomquist, senior vice president at Attom.

While the Midwest and Ohio remain relatively affordable, some coastal cities have priced out all but the wealthiest buyers.

Five U.S. counties now require more than 100 percent of average area wages to buy a median-priced home: Kings and New York counties in the New York City area; Marin and Santa Cruz counties in the San Francisco area; and Maui County in Hawaii.

On the other extreme, 12 counties require less than 15 percent of wages to buy a home. Four are in Ohio: Trumbull, Summit, Cuyahoga and Greene.

In Franklin County, higher wages actually helped improve home affordability over the past year, despite the area's rising home prices, according to Attom. During the first quarter, the average Franklin County home required 21.1 percent of average wages to afford.

“Consumer confidence is increasing, as we are seeing a year-over-year wage increase,” said Matthew Watercutter, senior regional vice president and broker for HER Realtors.

“The percentage of wages needed to buy have decreased, which shows the median wages are growing at a faster pace than the sales prices. This means that central, western and southwestern Ohio are still among the most affordable places to live in the nation.”

While most analysts expect home prices to continue rising this year, wages may finally be catching up to help home buyers beyond Ohio.

“Stronger wage growth is the silver lining in this report, outpacing home price growth in more than half of the markets," Blomquist said. "If that pattern continues, it will help turn the tide in the eroding home affordability trend.”

.

.

jweiker@dispatch.com

@JimWeiker