Affordability Reaches Highest Level in 20 Years

The National Association of Home Builders/Wells Fargo Housing Opportunity Index shows that homes were at their most affordable in 20 years during the first quarter, with three-quarters of properties sold within the reach of households earning the U.S. median income of $64,400. NAHB Chairman Bob Nielsen credits low interest rates for making residential real estate more economical. Syracuse, N.Y., was the most affordable metro area, with 94.5 percent of homes affordable to those earning the area median household income of $64,300, and New York-White Plains-Wayne, N.Y.-N.J., was the least affordable metro area. Also on the most affordable list were Youngstown-Warren-Boardman, Ohio-Pa.; Indianapolis-Carmel, Ind.; Warren-Troy-Farmington Hills, Mich.; and Toledo, Ohio. | Read More