The Numbers are in...Home buying should increase?

By
Mortgage and Lending with www.LowestHomeLoanRatesinFL.com ~ FL FHA Mortgage Expert

 

 

The national median income is $61,500 a year.  60% of homes that were sold in the last 3 months of 2008 were within the price range of families that make at least the national median income.  Out of that 60% of home the least expensive city, Indianapolis contributed 93% of the affordable homes sold to median income families.   

According to National Association of Realtors report issued last week, the national median home sales price dropped in the forth quarter of 2008 to 190,000 from the 205,700 of the forth quarter in 2007.  Factor in lower mortgage rates and home buying is the most affordable that it has been since the beginning months of 2002. 

Even though December of 2008 had the lowest new home sales since 1963 adding in the $8000 first time home buyer incentives from the new Economic Tax Stimulus may result in many home buyers getting of the fence, or so we pray,  especially in the areas listed below which are the top 10 most affordable citied to buy a home in and their median home sale prices.

 

Indianapolis, Ind.                $103,000

Warren, Mich.                      $125,000

Youngstown, Ohio                $73,000

Detroit, Mich.                       $90,000

Grand Rapids, Mich.             $102,000

Syracuse, N.Y.                     $88,000

Dayton, Ohio                       $90,000

Akron, Ohio                         $90,000

Cleveland, Ohio                   $100,000

Scranton, Pa.                       $85,000

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Topic:
Real Estate Market Trends
Location:
Florida Pinellas County Saint Petersburg
Tags:
real estate statistics
home buying stats

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Rainmaker
252,499
Michael Wayne Jackson
Coldwell Banker - Novato, CA
Broker - Seniors Real Estate Specialist Novato

This is good news for us agents and buyers. Thanks for the information Kristina.

Feb 23, 2009 07:19 AM #1
Rainer
45,021
Jenn Neumann Deer
RE/MAX Southern Shores - Surfside Beach, SC
Surfside Beach Real Estate

All northern states on this list!  Oh well, maybe some of the sellers will be able to sell their homes up north so they can move south to SC and FL.  Thanks for sharing!

Feb 23, 2009 07:23 AM #2
Rainer
12,723
Kristina Yorke
www.LowestHomeLoanRatesinFL.com ~ FL FHA Mortgage Expert - Saint Petersburg, FL

Mike - Good News it is...I hope your business increases too!

Jenn - I like they way you are thinking =)

 

 

 

 

 

 

 

 

 

Feb 23, 2009 09:22 AM #3
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