Indianapolis, Ind., has claimed the title of the nation's most affordable housing market among major metros with populations over 500,000, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) for the third quarter of 2005. Other top-rated major cities for housing affordability include the metro area consisting of Youngstown-Warren and Boardman, Ohio-Pa. as well as Detroit-Litonia-Dearborn, Mich.; Buffalo-Niagara Falls, N.Y. and Oklahoma City, Okla., in that order. Challenged by steadily rising home prices, overall housing affordability across the United States fell for the third consecutive quarter to its lowest level since the HOI was first reported in 1992, dipping 2.7 points to 43.2 on the HOI. This means that just over 43 percent of all new and existing homes sold in the country during the third quarter were affordable to median-income families. The decline was mostly attributable to a 5 percent gain in the average price of homes sol...
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