Housing Affordability Increase in the U.S

February 17, 2011 / Russell Legato, Residential Property Analyst

Housing affordability across the United States has increase to its peak for the last two decades. According to National Association of Home Builders/Wells Fargo Housing Opportunity Index or HOI data, which is released today, the housing affordability has increases during the last quarter of 2010, showing that 73.9 percent of the total home sales during that quarter were affordable enough for families earning a median income of $64,400.

Housing Affordability Increase in the U.S

In another report by the National Association of Realtors, the number home sales across the U.S have increased by 10 per cent, but it is still down about 19.1 per cent from the housing peak.

The Housing Opportunity Index has recorded, according to a report, the highest figures regarding housing affordability in the U.S since the first few months of 2009 — that is about 72.5 percent. According to the National Association of Home Builders, until the year 2009, the HOI measurement did not reached 70 percent, and rarely topped 65 percent.

According to the chairman of         the National Association of Home Builders (NAHB), 2010 marks the record breaking figure, the highest level recorded since the association began measuring for housing affordability.

The city of Carmel in Indianapolis has the highest housing affordability rate across the nation. About 93.5 percent of the total home sales in Indianapolis were affordable for families earning a median income of $65,100.

Major metro residential markets in the top spots in housing affordability include Youngstown-Warren-Boardman, Ohio-Pa — on the second spot, where 90.1 of the sold homes where affordable for families earning a median income of $52,000.

The number three spot is for Detroit-Livonia-Dearborn, Michigan, where 88.4 of the total home sales where affordable for families earning $54,400.

And, Santa Cruz-Watsonville, California has the lowest housing affordability rate across the country, only 45 percent of the sold home were affordable.

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