Housing Opportunity Index
Housing affordability is at its highest point in 18 years, according to the Housing Opportunity Index released by Wells Fargo and the National Association of Home Builders last week. Over 70 percent of homes were affordable to families earning the national median income during the first quarter of 2009, up 10 percent over the previous year. Lower home prices, low interest rates, and the new $8,000 tax credit for first time home buyers contributed to the increase.
The most affordable city in the country was Sandusky, OH; the least affordable, New York City. Chicago was 165th out of 220 metropolitan areas.
