Most Affordable Housing Markets 2009
Most Affordable Housing Markets 2009
According to the National Association of Home Builders’/Wells Fargo Housing Opportunity Index (HOI), a home is affordable if 28% or less of median family income is needed to buy it– that means an HOI of 72 or better makes the homes in your market affordable.
According to the home affordability index for the second quarter of 2009, the following cities were most affordable.
#1 was Indianapolis– 95 HOI (meaning 95% of all homes sold were affordable to the area’s median family income). That’s 16 consecutive quarters for this racy town.
Others near the top were:
Youngstown-Warren-Boardman, Ohio-Pa.
Detroit-Livonia-Dearborn, Michigan
Dayton, Ohio
Grand Rapids-Wyoming, Michigan.
These smaller housing markets areas did even better for affordability:
Kokomo, Indiana– 98
Lansing-East Lansing, Michigan
Mansfield, Ohio
Elkhart-Goshen, Indiana
Lima, Ohio; and
Bay City, Michigan.
Read More Here:
http://blog.sellsiusrealestate.com/statistics/most-affordable-housing-markets-2q-2009/2009/10/13/