A report by Realty Trac finds that homes today are significantly more affordable than during the 2006 bubble, mainly due to low interest rates. Since the second quarter of 2006, the average home price in the U.S. has dropped 12%, the average wage rose 34% nationwide, and the average rate on a 30-year fixed-rate mortgage fell 44%, boosting affordability by 48%.

In the first quarter of 2015, monthly payments on an average-priced home - including property taxes, home insurance, private mortgage insurance and a 3% down payment - amounted to 36.5%.