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.