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According to the Housing Affordability Index (HAI) is it a good time to buy a home in New Jersey? Use the following information and show

  1. According to the Housing Affordability Index (HAI) is it a good time to buy a home in New Jersey? Use the following information and show all calculations:

Median Housing Price in NJ = $500,628

Interest Rate 3.5% compounded monthly

Term = 15 years

Mortgage Payment as a percentage of income = 17%

Down Payment = 20%

Median Household Income in NJ = $82,545

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