Friday, June 12, 2009
Indianapolis named "most affordable" housing market
Crashing home prices have led to the most affordable housing market in at least 5 years, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index released Thursday.
Topping the list of most affordable U.S. metro areas, which ranks areas with more than 500,000 population, was Indianapolis. This is the city's 14th consecutive quarter in first place; it boasts a full 93% of all homes sold being affordable to median family households.
Affordability in Indianapolis, the 33rd largest metro area in the United States with 1.7 million people, was buoyed by fairly high median income of $65,100 and rock-bottom home prices. The median price fo a home sold during the quarter was just $103,000, according to the National Association of Home Builders report.