Housing Affordability Hits 18 Year High
May 25th, 2009 categories: Buyer Resource
The U.S. Housing Affordability Index has hit an 18 year high. 73% of ALL homes sold in the first 3 months of 2009 were considered “Affordable.”
Housing 
Affordability is measured by the Quarterly Housing Opportunity Index, which is compiled by the NAHB (National Association Of Home Builders) and Wells Fargo Bank.
The definition of Affordability is more or less a mathematical calculation. A family making the national median income, $64,000 per year, would need to be able to devote no more than 28% of their income towards housing costs.
A list of most and least affordable metropolitan areas along with their median home prices was also published. They are as follows:
America’s Most Affordable Cities Median Home Prices:
- Indianapolis, Indiana: $98,000
- Youngstown, Ohio: $67,000
- Akron, Ohio: $78,000
- Grand Rapids, Michigan: $97,000
- Syracuse, New York: $85,000
- Warren, Michigan: $119,000
- Cleveland, Ohio: $86,000
- Buffalo, New York: $90,000
- Toledo, Ohio: $78,000
- Dayton, Ohio: $85,000
America’s Lease Affordable Cities Median Home Prices:
- New York City, New York: $418,000
- San Francisco, California: $525,000
- Los Angeles, California: $288,000
- Nassau-Suffolk (Long Island), New York: $375,000
- Honolulu, Hawaii: $360,000
- Santa Ana, California: $360,000
- Newark, New Jersey: $315,000
- Miami, Florida: $185,000
- McAllen, Texas: $106,000
- El Paso, Texas: $127,000
dubai real estate…
[...]Sonoma County Real Estate | Santa Rosa Ca Homes, Rohnert Park Ca Homes » Housing Affordability Hits 18 Year High[...]…