I really don’t get how they calculate an affordability % for 1st-time buyers. Their old affordability index, I thought, just looked at how many people had an income such that the monthly nut on a median-priced home would be less than 30%. But how do you find the income distribution for first time home buyers? And if they are deriving their numbers by looking at the people who are in fact buying homes, aren’t they in effect saying that 70% of first-time homebuyers can’t afford the homes they’re buying, even under the new BS affordability index guidelines?