Indianapolis most affordable again
If you’re looking for that right combination of affordable housing and big city life, go to Indianapolis.
The National Association of Home Builders last week announced that the Indiana city once again topped its list as the most affordable major U.S. housing market. The news wasn’t much of a surprise: Indianapolis has earned that distinction nine consecutive times.
According to the home building association’s report, 87.5 percent of homes solid in the third quarter of this year in Indianapolis were affordable to families earning the area’s median income of $63,800.
Other large metropolitan areas near the top of the affordability list include the Detroit/Livonia/Dearborn market in Michigan; the Youngstown/Warren/Boardman market in Ohio and Pennsylvania; the Scranton/Wilkes-Barre market of Pennsylvania; and the Grand Rapids/Wyoming region of Michigan.
The home builder survey also ranked smaller markets, those with fewer than 500,000 residents. Topping that list, and the entire survey, in terms of affordable housing was Kokomo, Ind. Here 90.5 percent of all homes sold in the third quarter were affordable to families earning the area’s median household income of $59,700.
Of course, you know there has to be another end to this spectrum. In this case, it’s the Los Angeles/Long Beach/Glendale market in California, which has ranked as the country’s least affordable housing market for 12 straight quarters. Only 3.7 percent of homes sold in the third quarter were affordable to those earning the area’s median income of $61,700.
Tags: housing-affordability, Indianapolis, national-association-of-home-buildersRelated Stories
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