Now May Be Best Time To Buy A House In Two Decades
Purchasing a home may be more affordable now than it has been in more than 20 years. Almost 78% of homes sold during the first quarter of 2012 were affordable to people earning the U.S. median income of $65,000, according to a report released Wednesday by the National Association of Home Builders and Wells Fargo. Home prices nationwide have fallen about 36% from their peak, while median income has risen by about 10%. At the same time, mortgage rates are below 4%. There is one catch for home buyers, however: mortgage availability. Lending conditions are still tight. Without this significant issue, the housing and economic recovery could be proceeding at a much stronger pace. Indianapolis was the most reasonably priced housing market in the U.S. In fact, 96% of all homes sold in the metro area could be easily afforded by the typical family, according to the report. Wages in Indianapolis are reasonably high with the median family income at $66,900, about $2,000 above the national median. Meanwhile, the median price for homes sold there during the first three months of 2012 was $102,000. Other major markets that ranked high on the most affordable list included Dayton, Ohio, where 94% of homes sold could be purchased by a typical family; Lakeland, Fla., with a 93% affordability score and Modesto, Calif. at 93%. In contrast, New York City’s housing market was ranked as quite expensive, where only 31% of homes sold were affordable to median income families, who earned $69,200. The median home price in the metro area was a whopping $400,000. Other least affordable large markets included San Francisco (40%), Honolulu (48%), and Los Angeles (50%).
Brian Sly and Company, Inc.
Registered Investment Advisor and Consulting Corporation
Tagged with: Alpine Meadows • chase international • david gemme • lahontan • lake Tahoe • lake Tahoe homes • lake Tahoe homes for sale • lake tahoe lakefronts • lake tahoe real estate • lake tahoe realty • martis camp • Northstar • Old Greenwood • real estate lake Tahoe • real estate Tahoe • squaw valley • squaw valley usa • Tahoe city homes for sale • Tahoe city real estate • Tahoe city realtor • Tahoe city realty • Tahoe Donner • Tahoe Donner Homes for sale • tahoe homes • tahoe homes for sale • Tahoe lakefronts • tahoe real estate • Tahoe realtor • Tahoe realty • trinkie watson • truckee homes • truckee homes for sale • truckee realty
Like this post? Subscribe to my RSS feed and get loads more!