The NAHB/Wells Fargo Housing Opportunity Index (HOI)
that was published last week reports that housing affordability topped
out at its highest level in the past three years. This stems from both
the low mortgage rates and healthy job market.
“With mortgage rates at historic lows, consumers are experiencing greater buying power and increased affordability,” said NAHB Chairman Greg Ugalde, a home builder and developer from Torrington, Conn.
Regions across the nation varied in the third quarter report. The most affordable housing marketing reported in the nation was Scranton-Wilkes-Barre-Hazleton, Pa. where 89.3% of new and existing
homes sold were to affordable families (with an area median income of
$67,000). The least affordable major market was San Francisco where just
8.4% homes sold were to families earning the area’s median income of
$133,800.
The top five affordable housing markets in the major regions were Indianapolis-Carmel-Anderson, Ind.; Youngstown-Warren-Boardman, Ohio-Pa.; Syracuse, N.Y.; and Harrisburg-Carlisle, Pa. The smaller regions included Monroe, Mich., Cumberland, Md.-W. Va.; Davenport-Moline-Rock Island, Iowa-Ill.; Kokomo, Ind.; and Elizabethtown-Fort Knox, Ky.
Those making the least affordable major markets were Los Angeles-Long Beach-Glendale; Anaheim-Santa Ana-Irvine; San Jose-Sunnyvale-Santa Clara; and San Diego-Carlsbad. In the smaller markets those that hit the bottom of the chart were all located in California. These included Santa Cruz-Watsonville; San Luis Obispo-Paso Robles-Arroyo Grande; Napa; and Santa Rosa.
Even with those areas that were not favorable to the affordable market, the total across the board was up to 63.6% from last quarter reported at 60.9%. The data was based off all the new and existing homes sold between July and September of this year. The homes were based off those sold to families earning the U.S. median income of $75,500.
Forecasters predict this is a great time to purchase a home with the national median home price holding steady at $280,000. With both the steady median home price and the average mortgage rates declining at a three-year low, now is the time to buy.
Click Here For the Source of the Information.
“With mortgage rates at historic lows, consumers are experiencing greater buying power and increased affordability,” said NAHB Chairman Greg Ugalde, a home builder and developer from Torrington, Conn.
Regions across the nation varied in the third quarter report. The most affordable housing marketing reported in the nation was Scranton-Wilkes-Barre-Hazleton, Pa. where 89.3% of new and existing
The top five affordable housing markets in the major regions were Indianapolis-Carmel-Anderson, Ind.; Youngstown-Warren-Boardman, Ohio-Pa.; Syracuse, N.Y.; and Harrisburg-Carlisle, Pa. The smaller regions included Monroe, Mich., Cumberland, Md.-W. Va.; Davenport-Moline-Rock Island, Iowa-Ill.; Kokomo, Ind.; and Elizabethtown-Fort Knox, Ky.
Those making the least affordable major markets were Los Angeles-Long Beach-Glendale; Anaheim-Santa Ana-Irvine; San Jose-Sunnyvale-Santa Clara; and San Diego-Carlsbad. In the smaller markets those that hit the bottom of the chart were all located in California. These included Santa Cruz-Watsonville; San Luis Obispo-Paso Robles-Arroyo Grande; Napa; and Santa Rosa.
Even with those areas that were not favorable to the affordable market, the total across the board was up to 63.6% from last quarter reported at 60.9%. The data was based off all the new and existing homes sold between July and September of this year. The homes were based off those sold to families earning the U.S. median income of $75,500.
Forecasters predict this is a great time to purchase a home with the national median home price holding steady at $280,000. With both the steady median home price and the average mortgage rates declining at a three-year low, now is the time to buy.
Click Here For the Source of the Information.
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