Housing, that so very crucial component of the economy, is making a recovery. But affordability remains an issue, especially for many New Jersey families.

A new home builders study find three in four families in the country can afford to buy a new or existing home. Nearly 74% of the new and existing homes sold in the three months ended June 30 were affordable to families who earn the national median income of $65,000, according to the National Association of Home Builders (NAHB) and Wells Fargo.

That's down from 77.5% a quarter earlier, but still a very high level of affordability.

Mortgage rates remain low. The 30-year fixed rate averaged almost 4% at the end of March and dropped to 3.66% by the end of June, according to Freddie Mac.

Home prices have started to go up again.

Jersey economic analyst Patrick O'Keefe says the housing patient is recovering.

"When we put it together, the detriments to the housing recovery don't emanate from within the market, but are characteristic of this slow-growth economic recovery."

The downside on the affordability report is that less than three in ten New Jersey families can make the home-buying move at the moment.