Posted by: jeb1 | February 23, 2011

Housing Affordability Reaches Highest Level in 20 Years

Nearly 74% of all new and existing homes that were sold during the final quarter of 2010 were affordable to median-income earning families, according to the latest reading of the NAHB/Wells Fargo Housing Opportunity Index (HOI), released on Feb. 17. This was the best affordability level seen in the past two decades, surpassing even the 72.5% of homes sold that were affordable during the first quarter of 2009. No stranger to the top of the HOI, Indianapolis-Carmel Ind., was the most affordable major metropolitan area. There, 93.5% of all homes sold in the quarter were affordable to households earning the area’s median family income of $68,700. Also near the top of the list were the metros consisting of Youngstown-Warren-Boardman, Ohio-Pa.; Syracuse, N.Y.; Warren-Troy-Farmington Hills, Mich.; and Detroit-Livonia-Dearborn, Mich. Among smaller housing markets, the most affordable this time around was Elkhart-Goshen, Ind., where fully 97% of homes sold were affordable to median-income earners. Other smaller metros near the top of the list included Lansing-East Lansing, Mich.; Kokomo, Ind.; Mansfield, Ohio; and Bay City, Mich. At the other end of the spectrum, New York-White Plains-Wayne, N.Y.-N.J. hit the bottom of the affordability scale for major metros, with just 25.5% of homes sold there during the fourth quarter of 2010 being affordable to median-income earners. Read more in our press release, view the HOI tables online, or contact Ashok Chaluvadi (800-368-5242, x8482) for more information.

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