Housing affordability sunk to its lowest point since the third quarter of 2008 with 59.9 percent of new and existing homes available during the fourth quarter being deemed affordable to families earning a median income of $65,700.
That figure is down from 61.4 percent of houses that were affordable in the third quarter, according to the NAHB/Wells Fargo Housing Opportunity Index. No surprise that San Francisco, for the 17th consecutive quarter was the least affordable housing market with just 7.8 percent of homes sold during the fourth quarter were affordable to families earning that area’s median income of $104,700. The Youngstown-Warren-Boardman markets spanning the Ohio and Pennsylvania border was the most affordable market with 90.4 percent of all houses sold being within reach of families earning the area’s median income of $53,900.
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