{"assumptions":{"annual_homeowners_insurance_fraction_of_price":0.0035,"annual_pmi_fraction_of_initial_loan_below_20_percent_down":0.005,"annual_property_tax_fraction_of_price":0.01,"closing_cost_fraction_of_price":0.03,"down_payment_fractions":[0.1,0.2],"saving_fractions_of_after_tax_income":[0.05,0.1,0.2],"term_years":30},"definitions":{"fhfa_basis":"Annual mean of four quarterly U.S. all-transactions indexes; includes sale prices and refinancing appraisals; displayed as a separate repeat-sales/appraisal index, never treated as a dollar price","price_basis":"Official annual median sales price of new privately owned houses sold, including land; not existing homes or a first-time-buyer median","rate_basis":"Arithmetic mean of the 52 weekly Freddie Mac PMMS 30-year fixed rates in each year; published weekly minimum and maximum also shown"},"limitations":["These are hypothetical financing scenarios, not observed payments or a claim that the reference family bought the median new home.","The annual home-price median is not an average of monthly or quarterly medians. A change can reflect the mix, size, location and quality of newly sold homes.","PMMS historically describes prime conforming loans around 80 percent loan-to-value. Applying the same benchmark to 10 percent down is an explicit counterfactual, not an observed 90-percent-LTV quote; mortgage insurance is added separately.","The PMMS collection method changed on November 17, 2022. That year's rates moved sharply; annual averages do not describe every purchase date.","Property tax, homeowners insurance, PMI and closing costs are fixed assumptions, not measured national historical averages. Actual amounts depend on location, property, borrower and lender.","Payment-to-income is a ratio of a hypothetical payment to a separate CEX median income, not the median of individual buyer ratios and not a mortgage qualification test.","Years to accumulate cash assume a fixed saving fraction, no existing savings, no investment return, no income growth and no future house-price change. They are not measured saving rates or predicted waiting times.","Maintenance, repairs, utilities, association fees, moving costs, furnishings and tax benefits are excluded. This is not a complete ownership budget."],"meta":{"builder_sha256":"a8a891550a2ff614f059a97dc32a2e73a0ed536e30e652ff7188853fb1cb9d34","config_sha256":"e6cc58bb5f93f20b2f3132f43e08a7d787d64bda1b98535fe16cf3fd95d69e36","dollar_basis":"2022 dollars unless marked nominal","evidence_state":"modeled","income_release_id":"cex-2026-10-03-r21","income_sha256":"12fefa13c75084530adbd30b8c0c3382b02b52e528836ff21da9dd2506fe96f3","inflation_sha256":"3a1ac23e9217f8bd4512a9ae2cc7bd5d978910814870d09bd39f283917aece85","manifest_sha256":"61fa557a22c05e63c6a08113fae425c97a2f2626a7b69a703e0da04bd94cdc08","metric_version":"1.1.0","reference_view":"35|all|all","release_id":"housing-entry-2026-10-03-r2"},"sources":{"files":[{"local_path":"research/raw/housing-entry/2026-09-22/census-new-home-prices.xlsx","role":"annual_new_home_sales_prices","sha256":"eaf51e7a271e15e7227a658dc25bd08cf15cf47127361fea321d106cb1c229ef","source_id":"census-hud-nrs","url":"https://www.census.gov/construction/nrs/xls/price_cust.xlsx"},{"local_path":"research/raw/housing-entry/2026-09-22/pmms-history.csv","role":"weekly_mortgage_rates","sha256":"df1ca01ecb1473c6aa25cf9a85e130d64ec9774d20ba1d415bf65fde3da94902","source_id":"freddie-mac-pmms","url":"https://www.freddiemac.com/pmms/docs/PMMS_history.csv"},{"local_path":"research/raw/housing-entry/2026-09-22/pmms-readme.txt","role":"historical_definitions_utf16","sha256":"e3d704d280cc98ed2836d48f4520e785b950aa71c0ae4ac1fa1fdef1ef92aedb","source_id":"freddie-mac-pmms","url":"https://www.freddiemac.com/pmms/docs/PMMS_Readme.txt"},{"local_path":"research/raw/housing-entry/2026-09-22/fhfa-all-transactions.csv","role":"quarterly_all_transactions_house_price_index","sha256":"580d761c3488f3e9a6f25074bdace5de96f476f579c06eeb7144835e8f52deba","source_id":"fhfa-hpi","url":"https://www.fhfa.gov/hpi/download/quarterly_datasets/hpi_at_us_and_census.csv"}],"independent_readback":"Census Annual worksheet gives 2022 median $434,500; FRED annual series MSPNHSUSA independently displays the same value. Do not substitute a monthly/quarterly average or an older-vintage $457,800 figure.","reference_pages":["https://www.census.gov/construction/nrs/data/series.html","https://www.freddiemac.com/pmms","https://www.freddiemac.com/pmms/pmms_archives","https://www.fhfa.gov/data/hpi/datasets","https://fred.stlouisfed.org/series/MSPNHSUSA"],"retrieved_on":"2026-09-22","schema_version":1},"years":[{"annual_rate_percent":10.3194,"fhfa_annual_mean":160.915,"fhfa_index_1989_100":100.0,"fhfa_real_index_1989_100":100.0,"income_after_tax_monthly_2022":4680.0,"income_interval":[4480,4880],"income_n":2621,"income_source_window":"1988\u20131990 CEX 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CEX 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