Think of this as the upside to falling home prices.
One study that compares housing costs to local incomes says homes are more accessible to the average family than at any time in the past five years.
Roughly 62% of all new and existing homes that were sold in the fourth quarter could be purchased by families earning the national median income of $61,500, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index.
That’s up from the 56.1% of homes that were deemed affordable in the previous quarter. In 2007, only 46.6% of homes were affordable.
Indianapolis, which often leads this survey, was the most affordable large metro housing market during the fourth quarter. Slightly more than 93% of all homes sold in Indianapolis were affordable to households earning the local median family income, $65,100.
New York-White Plains-Wayne, N.Y.-N.J. was again ranked as the country’s least affordable major housing market. Just under 14% of all homes sold during the fourth quarter were affordable for families earning the $63,000 median income.
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