Indianapolis Tops In Affordable Housing

As you read this how quickly do you feel intrigued by the opportunity to buy in the most affordable market in the country. It's not necessary to take action now. I think you'll agree with me, this is good news for our local market and believe me when I tell you that it's a good time to buy.

Across the country housing affordability jumped 10 percentage points during the first quarter of 2009, the highest level in 18 years, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI). The HOI showed that 72.5% of all new and existing homes sold in the first quarter of 2009 were affordable to families earning the national median income of $64,000, up from 62.4% during the previous quarter and up from 53.8% during the first quarter of 2008.

“Underlying the increase in affordability are lower home prices and record low interest rates. Combined with the $8,000 federal tax credit for first-time home buyers, consumers are beginning to purchase homes again.

Indianapolis was the most affordable major housing market in the country during the first quarter. Almost 95% of all homes sold were affordable to households earning the area’s median family income of $68,100. Indianapolis has now topped the affordability list 15 consecutive quarters.




For more information, visit www.nahb.org.