Near Historic Highs for Nationwide Housing Affordability, According to HOI

WASHINGTON—The first quarter of 2013 held near historic highs in nationwide housing affordability according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI). Between the beginning of January and end of March, 73.7 percent of new and existing homes sold were affordable to families earning the U.S. median income of $64,400.

“HOI results for the beginning of 2013 are little changed from what they were at the end of 2012, with Ogden-Clearfield Utah holding onto the title of the nation’s most affordable major housing market and San Francisco-San Mateo-Redwood City, Calif. Retaining its position as the least affordable major market,” noted NAHB Chief Economist David Crowe. “The bottom line is that, for consumers who can qualify for a mortgage at today’s attractive rates, the majority of homes being sold remain within their grasp in markets nationwide.”

Housing markets at the top of the affordability chart in the first quarter include:

  • Ogden-Clearfield, Utah
  • Indianapolis-Carmel, Ind.
  • Lakeland-Winter Haven, Fla.
  • Youngstown-Warren-Boardman, Ohio-Pa.
  • Tied: Syracuse, N.Y. and Albany-Schenectady-Troy, N.Y.

Housing markets at the bottom of the affordability chart include:

  • San Francisco-San Mateo-Redwood City, Calif.
  • New York-White Plains-Wayne, N.Y.-N.J.
  • Santa Ana-Anaheim-Irvine, Calif.
  • Los Angeles-Long Beach-Glendale, Calif.
  • San Jose-Sunnyvale-Santa Clara, Calif.

A complete list of the HOI can be found here, as well as more information about the NAHB. 

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