Housing affordability throughout the United States increased at year-end 2008 to its highest level in at least five years, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI).
The HOI indicated that 62.4% of all new and existing homes that were sold in the final quarter of 2008 were affordable to families earning the national median income of US$61,500, up from the 56.1% of homes that were affordable to families in the previous quarter and the 46.6% of homes that were affordable to them at the end of 2007.
The most affordable major housing market in the country during the fourth quarter was once again Indianapolis, IN, U.S., which has now topped the affordability list 14 consecutive times. There, more than 93% of all homes sold in 4Q 2008 were affordable to households earning the area's median family income of $65,100.
Also near the top of the list were Warren-Troy-Farmington Hills, MI; Youngstown-Warren-Boardman, OH-PA; Detroit-Livonia-Dearborn, MI; and Grand Rapids-Wyoming, MI.
The nation's least affordable major housing market was again New York-White Plains-Wayne, NY-NJ; followed by San Francisco, CA; Nassau-Suffolk, NY; Los Angeles-Long Beach-Glendale, CA; and Miami, FL.
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