The American Dream has never been more affordable.
In the first quarter of 2011, national housing affordability hit its highest ever level, according to the NAHB/Wells Fargo Housing Opportunity Index, which has tracked home prices for more than 20 years.
The HOI for Q1 2011 showed that nearly 75 percent of all new and existing homes sold during that period were affordable to families earning the national median income of $64,400. The latest Index, which topped Q4 2010’s record 73.9 percent, marked the ninth consecutive quarter above 70 percent. Before 2009, the HOI had never reached 70 percent.
In Syracuse, N.Y., the nations most affordable major housing market during the first quarter of 2011, 94.5 percent of homes sold were affordable to households earning the median income for that area, $64,300. Kokomo, Ind., topped smaller housing markets in terms of affordability, where 98.6 percent of homes sold during the first quarter were affordable to households earning the area’s median income of $61,400.
The New York City area (New York-White Plains-Wayne, N.Y.) was the nation’s least affordable market for the 12th consecutive year, with only around a quarter of homes being affordable to the region’s median income of $65, 600. San Luis Obispo-Paso Robles, Calif., was the least affordable of smaller region housing markets, with 47.6 percent of homes being affordable to the median income of $72,500.
The other regions rounding out the most affordable markets, after Syracuse: Youngstown-Warren-Boardman, Ohio-Pa.; Indianapolis-Carmel, Ind.; Warren-Troy-Farmington Hills, Mich.; and Toledo, Ohio.