A report from the National Association of Realtors noted that housing affordability has increased to its highest point in history.
The first quarter's Housing Affordability Index rose to 205.9, the highest point since the index began in 1970. The index takes into account the median price of sold homes, the median income for families and the average mortgage interest rate.
Overall, a first-time homebuyer would be able to get a new residential property for $182,500, according to the report. However, with the median family income of approximately $61,000, the average family should be able to afford a house for $325,500.
"It's never been easy to buy a first home because of the cash required for downpayment and closing costs, but conditions for first-time buyers who are able to get a mortgage have never been better," said Moe Veissi, president of NAR.
The report added that for the remainder of 2012, many aspects of the residential housing market will begin to climb. Home prices are thought to be ready to increase, while mortgage rates are thought to be trending up by year's end. However, there should still be strong affordability throughout the year.