Real Estate Affordability Sets Record in Q4 of 2010
February 18th, 2011 | 
Author: 
According to the National Association of Home Builders and Wells Fargo, home affordability rose to its highest level in 20 years in the fourth quarter of 2010. Check out the top 10 most and least affordable metro areas:
10 most affordable metro areas
| Metro Area | HOI Q4 2010 (Share of homes affordable for median income) | 2010 median family income | Q4 2010 median sales price |
| Elkhart-Goshen, Ind. | 97% | $58,600 | $104,000 |
| Lansing-East Lansing, Mich. | 96.7% | $65,900 | $86,000 |
| Kokomo, Ind. | 96.5% | $61,400 | $80,000 |
| Mansfield, Ohio | 96.3% | $55,100 | $75,000 |
| Bay City, Mich. | 96% | $56,200 | $80,000 |
| Cumberland, Md.-W.Va. | 95.3% | $52,200 | $88,000 |
| Springfield, Ohio | 94.3% | $56,800 | $75,000 |
| Flint, Mich. | 94.2% | $56,500 | $82,000 |
| Sandusky, Ohio | 93.7% | $64,000 | $101,000 |
| Indianapolis-Carmel, Ind. | 93.5% | $68,700 | $106,000 |
Source: NAHB/Wells Fargo HOI
10 least affordable metro areas
| Metro Area | HOI Q4 2010 (Share of homes affordable for median income) | 2010 median family income | Q4 2010 median sales price |
| San Diego-Carlsbad-San Marcos, Calif. | 51.7% | $75,500 | $325,000 |
| Bridgeport-Stamford-Norwalk, Conn. | 46.5% | $86,600 | $372,000 |
| San Luis Obispo-Paso Robles, Calif. | 45.6% | $72,500 | $348,000 |
| Santa Ana-Anaheim-Irvine, Calif. *** | 45.5% | $87,200 | $415,000 |
| Ocean City, N.J. | 45.1% | $68,100 | $320,000 |
| Santa Cruz-Watsonville, Calif. | 45% | $84,200 | $405,000 |
| Los Angeles-Long Beach-Glendale, Calif. *** | 42.9% | $63,000 | $315,000 |
| Honolulu, Hawaii | 42.1% | $81,700 | $425,000 |
| San Francisco-San Mateo-Redwood City, Calif. *** | 31.5% | $99,400 | $584,000 |
| New York-White Plains-Wayne, N.Y.-N.J. *** | 25.5% | $65,600 | $426,000 |
| *** Indicate metropolitan divisions. All others are metropolitan statistical areas. | |||
Source: NAHB/Wells Fargo HOI
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Posted in Buyer Resources, Market Data, News, Seller Resources | 
Tags: home affordability, national association of home builders, Wells Fargo
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