The fourth quarter of 2011 proved that a buyer's purchasing power has never been better. The Housing Opportunity Index (HOI) showed that 75.9 percent of both new and existing homes sold within the fourth quarter were affordable to families that made the national medium income ($64,200 yearly).
Youngstown-Warren-Boardman, Ohio, Pa. ranked as the most affordable large housing market during the fourth quarter. 95.1 percent of all the homes sold were deemed affordable based on the area's medium income. Other highly affordable major markets were Lakeland-Winter Haven, Fla.; Harrisburg-Carlisle, Pa.; and Toledo, Ohio.
When it came to smaller housing markets, Kokomo, Ind. was the most affordable with 99.2 percent of the homes being deemed affordable based on the area's medium income. Other affordable smaller housing markets included Fairbanks, Alaska; Lima, Ohio; and Rockford, Ill.
The least affordable major housing market was New York-White Plain-Wayne, N.Y.-N.J. Only 29 percent of the homes sold during the fourth quarter were considered affordable to those making the area's medium income. Some of the other top least affordable major housing markets were Honolulu; San Francisco-San Mateo-Redwood City, Calif.; and Los Angeles-Long Beach-Glendale, Calif.
The least affordable smaller housing market was Ocean City, NJ. where only 47.5 percent of homes were considered affordable based on the area's medium income. Other small housing markets that were considered least affordable were Laredo, Texas; Santa Cruz-Watsonville, Calif.; and Brownsville-Harlingen, Texas.
Read the full National Association of Home Builders article.
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