Publication Date:
Mon, 2011-02-21 10:35
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Nationwide housing affordability reached record levels in the last quarter of 2010, according to the lastest National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) [1].
According to the index, 73.9 percent of homes sold in the fourth quarter of last year were affordable to families earning the national median income of $64,400. This is the highest affordability level in the index’s 20-year history.
Indianapolis-Carmel, Ind., remained the most affordable major housing market, with 93.5 percent of homes sold affordable to those with the local median income of $68,700. The Indianapolis area has held the top spot in affordability in all but one quarter for the last five years.
Other metropolitan areas topping the affordability list included Youngstown-Warren-Boardman, Ohio-Pa.; Syracuse, N.Y.; Warren-Troy-Farmington Hills, Mich.; and Detroit-Livonia-Dearborn, Mich. The most affordable among smaller housing markets was Elkhart-Goshen, Ind.
New York-White Plains-Wayne, N.Y., topped the least affordable list for the 11th quarter in a row, with 25.5 percent of homes sold affordable to the families with the local median income of $65,600.
Other major housing markets included among the least affordable included San Francisco-San Mateo-Redwood City, Calif.; Honolulu; Los Angeles-Long Beach-Glendale, Calif.; and Santa Ana-Anaheim-Irvine, Calif. The least affordable among smaller housing markets was Santa Cruz-Watsonville, Calif.
