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16May

Housing Affordability Sees First Quarter Increase

By: Builder Magazine

Published: May 15, 2017

Housing Opportunity Index (HOI), the share homes sold that were affordable to median-income earners increased to 60.3% during Q1 2017. Eye on Housing’s Rose Quint reports on this affordability increase, which coincides with a quarterly decrease in the national median home price and an increase in the national average mortgage rate.

The nation’s most affordable housing market was Youngstown-Warren-Boardman, Ohio-Pa., where 92.7% of new and existing homes were affordable. San Francisco-Redwood City-South San Francisco, Calif. was the nation’s least affordable housing market, with only 11.8% of homes being affordable:

All five least affordable small housing markets were also in California. At the very bottom of the affordability chart was Salinas, where 13.8 percent of all new and existing homes sold were affordable to families earning the area’s median income of $63,100.

Rising wages and moderating home prices offset a rise in mortgage interest rates to give housing affordability a slight boost in the first quarter of 2017, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI).

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