Home Ownership Is Within More Americans' Reach
Low interest rates helped keep housing affordability high in the final quarter of 2012, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index released on Thursday.
Nearly 75 percent of homes sold between October and the end of December were affordable to families earning the median income of $65,000.
'The most recent housing affordability data should be encouraging to many prospective home buyers, because it shows that home ownership remains within reach of median-income consumers even as most local markets appear to be on a recovery path,' says NAHB Chairman Rick Judson.
The median price of all new and existing homes sold in the fourth quarter of 2012 was $188,000.
The nation’s most affordable major housing market? For the second-consecutive quarter, it's Ogden-Clearfield, Utah, according to the index. Nearly 94 percent of all home sales there were affordable to families earning the median household income of $71,500. Other affordable major housing markets were Dayton, Ohio; Indianapolis-Carmel, Ind.; Lakeland-Winter Haven, Fla.; and Syracuse, N.Y.
Meanwhile, the most expensive major housing market remains San Francisco-San Mateo-Redwood City, Calif. Twenty-eight percent of homes sold in San Francisco during the fourth quarter were affordable to families earning the area’s median income of $103,000, according to the index.
Source: National Association of Home Builders
Blog Archive2014-04-23 14:52:40
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