John Burns Real Estate Consulting has been collecting home-related data for the major MSA’s in the U.S. since 1981. The firm issues a monthly scorecard for the U.S. Housing market that is one of the most useful and comprehensive collections of key indicators for housing that you’ll find anywhere.

This month, the U.S. housing market got a D-. The compilation of data is pretty bleak.

Embedded in the data is a compelling picture of affordability.

Since we began tracking the data for the major MSAs in 1981, there has never been a better time to buy a home. The median income household needs only 27% of their income (an all-time low) to qualify for the median-priced home, and that household is also only paying 3.3 times their income for the house (3.1 is the all-time low).

Markets like Forth Worth, Atlanta, Houston, Dallas, Phoenix, Denver, Charlotte, Las Vegas and others in the top 20 are well below their historical average for affordability.

There are no end of environmental concerns: job security, capital preservation, long-term housing value and additional price deterioration. But housing supply is abundant, mortgage rates are historically low and affordability is at a generational low. Despite everything, it’s a good time to buy a house.