Wednesday, November 22, 2006

Affordable Housing

Where is the affordable housing in the United States? The recently released National Association of Home Builders/Wells Fargo Housing Opportunity Index says that Indianapolis, Indiana has earned "...the title of most affordable major U.S. housing market in the third quarter of 2006...just under 86 percent of homes sold in the third quarter were affordable to families earning the median household income of $65,100. The median sales price of all homes sold in the metro area during that time was $122,000 – up slightly from $120,000 in the previous quarter."

And, the lease affordable? Welcome to California! The report says that "...Los Angeles-Long Beach-Glendale, Calif. ... was the nation’s least affordable major housing market for an eighth consecutive quarter. There, only 1.8 percent of new and existing homes sold during the third quarter were affordable to those earning the area’s median family income of $56,200. The median sales price of all homes sold in the area during the period was $523,000."

Other California areas earned distinction - "Other major metros at the bottom of the housing affordability chart were all in California, including: Santa Ana-Anaheim-Irvine, Modesto, Stockton, and San Diego-Carlsbad-San Marcos, in that order."

To read more: National Association of Home Builders/Wells Fargo Housing Opportunity Index

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