According to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI), 72.1% of all new and existing homes sold in the third quarter of 2010 were affordable to families earning the national median income of $64,400. The index for the third quarter almost equaled the record-high 72.5% set during the first quarter of 2009 and marked the seventh consecutive quarter that the index rose above 70%. Until 2009, the HOI rarely topped 65% and never reached 70%.
Indianapolis-Carmel, Ind., was the most affordable major housing market in the country where 93.3% of all homes sold were affordable to households earning the area’s median family income of $68,700.
Also near the top of the list of the most affordable housing markets were Youngstown-Warren-Boardman, OH-PA.; Grand Rapids, WY, Dayton, OH, Wichita, KS, Kokomo, IN, Monroe, MI, Mansfield, OH, Lima, OH and Bay City, MI.