Industry News

Indianapolis, Los Angeles represent extremes in home affordability

California metro areas rank among least affordable in nation

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California is home to nine of the 10 least affordable U.S. metro areas in the third quarter, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index released this week. The Los Angeles-Long Beach-Glendale, Calif., metro area ranked as the least affordable, according to the index, with 1.8 percent of homes in the area affordable for median-income households. Bay City, Mich., ranked as the most affordable U.S. metro area in the third quarter, with 90 percent of homes affordable for median-income households, and Indianapolis, Ind., ranked as the most affordable large metro area, with 85.9 percent of homes affordable to median-income households. In Indianapolis, the median household income was $65,100 in the third quarter, and the median sales price of all homes sold in the metro area during that time was $122,000 -- up from $120,000 in the second quarter. Among the top 30 least affordable metro-area markets in the third quarter, 25 are in California....