Industry News

Most affordable U.S. real estate found in Ohio

Median home price only $30,000 above median income in one city

Lima, Ohio, is the nation's most affordable housing market, according to the newly revised National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) for the third quarter of 2004. The HOI also reveals that, on a nationwide basis, housing affordability has declined substantially since the beginning of 2004. "Despite some of the best financing conditions in decades, housing affordability at the national level has fallen to the point that only a little more than half (50.4 percent) of all homes sold in this country during the third quarter of 2004 were affordable to families earning the median U.S. household income," said NAHB President Bobby Rayburn, a home and apartment builder from Jackson, Miss. "This compares to about 61 percent of homes sold that were affordable to median income earners in the year's first quarter." Strong home-price appreciation, which has outpaced income growth in many areas, was the main factor for slipping affordability. "In many mar...