On November 7, 2019, National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) reported housing affordability at 63.6% of homes sold from beginning of July to the end of Septenber were affordable to families earning median income of $75,500 in the 3rd quarter of 2019, gained from 60.9% homes sold in the 2nd quarter of 2019. While median home price was $280,000 in the 3rd quarter of 2019 similar from $280,000 in the 2nd quarter of 2019.
Scranton-Wilkes-Barre-Hazleton, Pennysvania region was the most affordable major metro area with 89.3% of all homes sold were affordable with median income of $67,000; While, Monro, Michigan was the most affordable small metro area with 95.3% of all homes sold were affordable with median income of $79,000 in the 3rd quarter of 2019.
San Francisco, California was the least affordable major metro area with 8.4% of all homes sold were affordable with median income of $133,800; While, Salinas, California was the least affordable small metro area with 13.4% of all homes sold were affordable with median income of $74,100 in the 3rd quarter of 2019.
NAHB Chief Economist Robert Dietz, stated “These higher production costs and other factors have caused a major decline in housing affordability over the past few years, and we expect that to remain a concern going forward.”
For complete detailed information about National Association of Home Builders/Wells Fargo (HOI) housing affordability index in the 3rd quarter of 2019, please click HERE
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