Housing Affordability In Jacksonville Near Record High

By
Real Estate Agent with Native Sun Realty, Inc.

According to National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI),  housing affordability is near it’s highest level in 20 years.  This is great news for people in the market for their first home or someone looking to own a vacation home or investment property. 

The Housing Affordability Index has a value of 100 when the median-income family has sufficient income to purchase a median-priced existing home.  A higher index number indicates that more households can afford to purchase a home.  The HAI is calculated using the following formula:

HAI = ( Median Family Income / Qualifying Income ) * 100

Applying this formula to July statistics In Jacksonville:

145.45 = ($44,173 / $30,368) * 100

We see that the typical Jacksonville household had 145.45 percent of the income necessary to purchase the typical home.   Homebuyers are regaining confidence in the market and finally making the decision to purchase homes.  This may be why some housing markets across the country, including Jacksonville, have stabilized and are beginning to show signs of a budding recovery. 

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Florida Duval County Jacksonville
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Rainer
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Nick Smith
Jpar Live Local - Boise, ID
Boise Idaho Real Estate, We Love Boise

That's great news! We have been seeing similar numbers in the Boise, ID market.

Thanks

Nick Smith
Silvercreek Realty Group
Cell 208-859-6590
Fax 208-319-8969
RealOneSmith@gmail.com
http://www.real1smith.com/

Aug 25, 2011 09:17 AM #1
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Lucien Vaillancourt
Native Sun Realty, Inc. - Jacksonville, FL
Jacksonville Florida Real Estate

Glad to hear that Nick.  Nice to see that conditions are improving in other locations too.

Aug 25, 2011 09:20 AM #2
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Lucien Vaillancourt

Jacksonville Florida Real Estate
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