Nationwide housing affordability reached its highest level in five years at the end of 2008, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI).
The HOI indicated that 62.4 percent of all new and existing homes that were sold in the final quarter of 2008 were affordable to families earning the national median income of $61,500, up considerably from the 56.1 percent of homes that were affordable to such families in the previous quarter and the 46.6 percent of homes that were affordable to them at the end of 2007.
Even better, Atlanta ranked as affordable to 75.3 percent of families – up from 69.4 percent!
Leading the nation with the most affordable homes in the country during the fourth quarter was Indianapolis, Ind., which has now topped the affordability list 14 consecutive times! It seems that they are the affordability sweet spot in the nation — over 93 percent of all homes sold in the fourth quarter of 2008 were affordable based on the media family income of the area.
Also near the top of the list of the most affordable major metro housing markets were Warren-Troy-Farmington Hills, Mich.; Youngstown-Warren-Boardman, Ohio-Pa.; Detroit-Livonia-Dearborn, Mich.; and Grand Rapids-Wyoming, Mich.
Click here for more information on the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI)