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Home Affordability at Highest Level in Two Decades

By Mike Wheatley | May 26, 2011

Homes are now more affordable to families than they have been any time during the last twenty years, according to data from the latest pricing index from the first quarter of this year.


Homes are more affordable now than they have been in 20 years

Home affordability at its highest point in 20 years. Courtesy of IB Times

According to figures released by the National Association of Home Builders / Wells Fargo Housing Opportunity Index, almost 75% of existing and new houses sold between January and March of this year were affordable to US families that take home the national average income of $64,000 per annum. The previous high was set during the last quarter of 2010, reaching 73.9%.

“What with our interest rates being at historical lows right now, this latest report shows that more families and households are able to afford to buy their homes than there have been for twenty years,” claims Bob Nielsen, the National Association of Home Builders chairman.

Syracuse in New York is the leader as far as affordability in the US goes, with 94.5% of its homes sold during the last quarter being affordable to families that make the area’s median salary of $64,300 per year.


American families that earn the average wage can afford 75% of homes sold in the last quarter

75% of all homes sold are within reach of American families that earn median incomes. Courtesy of 5 Magazine.

Other high ranking metro-cities in the affordability scale include Ohio-Pa, Indianapolis-Carmel, Youngstown- Warren Boardman, Warren-Troy-Farmington Hills and Toledo in Ohio.

The least affordable market meanwhile was in New York-White Plains-Wayne, said the report.

Now, if only people could get some financing, we might be able to see markets actually pick themselves up again…

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at [email protected].
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