Aug 21 2007 8:01AM | Permalink | Email this | Comments (0) |
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Indianapolis is once again ranked as the most affordable housing market in the country, according to the latest NAHB/Wells Fargo Housing Opportunity Index.

According to the study, 87 percent of homes sold in Indianapolis in the second quarter of the year  were affordable to families earning the median income of $63,800. The bottom of the list was dominated by California markets as usual, led by the Los Angeles area with 3 percent affordability.

Overall, 43.1 percent of homes sold in the United States were rated as affordable, down from 43.9 percent in the first quarter, but up from 40.6 percent a year ago.

Going forward, it's going to be interesting to see what effect the ongoing mortgage issues have on affordability. On one hand prices are dropping or stabilizing in many markets, which should help, but those borderline cases most likely to benefit from dropping prices are the same people who may find it a challenge to get a mortgage these days.