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With home prices decreasing and interest rates holding at historically low levels, the number of potential home buyers nationwide who can afford to buy new and existing homes has reached the highest level in more than four years, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI).
According to 3Q HOI readings, 56.1% of all new and existing homes that were sold were affordable to families earning the national median income of US$61,500, far more than the 40.4% of families who could afford homes at the peak of the housing boom.
The two most affordable major housing markets in the country during 3Q were Indianapolis, IN, and Youngstown, OH, U.S., according to the HOI. In both Indianapolis and Youngstown, 91.0% of homes sold in 3Q were affordable to families earning the areas' median household incomes of $65,100 and $52,000, respectively.
New York-White Plains-Wayne, NY-NJ, was the nation's least affordable major housing market for the second consecutive quarter. In the New York market, 10.6% of the new and existing homes sold during 3Q were affordable to those earning the area's median family income of $63,000.
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