Real Estate Affordability
For the third quarter in a row, housing affordability nationwide is at its highest level in nearly 20 years, with 70.1% of homes sold in Q3 deemed affordable, according to the National Association of Home Builders.
Indianapolis was listed as the most affordable major housing market for the 17th quarter in a row. According to Indianapolis Realtor Paula Henry, “the affordability of homes in Indianapolis has been a contributing factor to the number of transferee and first time home buyer purchases. These two segments make up 75% of our team’s sales this year, with about 50% of the visitors to our websites being out-of-state buyers or investors.”
The remainder of the most affordable cities are all in the Midwest as well with the top five rounded out by Youngstown, OH, along with three Michigan cities, Detroit, Farmington Hills and Grand Rapids.
As surprising as learning Pizza Hut serves pizza is the news that the least affordable major housing markets are New York City followed closely by San Francisco and Honolulu.
Paula Henry
November 23, 2009 at 1:56 am
Lani – Tis true – Indianapolis offers our residents very affordable housing. Having lived in SoCal and Arizona I can attest to the fact, dollar for dollar, square foot value, home prices in Indianapolis are unbelievably modest . Of course there are less sunny days, no beach or mountains or flip-flops all year long 🙂 ; still Indianapolis is a great place to call home and most people can afford a home.
Greg Cooper
November 23, 2009 at 7:03 am
While this is a nice thing for those of us who live here and yes you can buy a ton of home for the money at any price point, for some reason buyers don’t seen to have full appreciation for this during the negotiating process 🙂
Oh yes…and Paula….we do have Beech Grove.
Dave Woodson
November 23, 2009 at 10:39 am
great information, I am not an Indy guy, but I have several friends down there and I do business down there as well. I am getting more and more calls from that area. If you know how to sell, like Greg and Paula life in Indy is very good right now. The rest of the state (northern half) is doing quite well as well. You can get a lot house for the price up here.
D