Industry News

Los Angeles ranks as least affordable major housing market

Many Michigan metro areas rank among most affordable in U.S.

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Indianapolis continued its reign as the most affordable major U.S. housing market, while the Los Angeles area ranked as the least affordable major housing market, the National Association of Home Builders reported today in a fourth-quarter report. The Housing Opportunity Index ranks metro areas based on the share of homes that are affordable based on the median sales price of homes and median family income for those areas. An estimated 89.5 percent of homes in the Indianapolis metro area were affordable for median-income families in that market area in the fourth quarter, NAHB reported, and Indianapolis has ranked as the most affordable major metro area for the past 10 quarters. The median sales price of homes in Indianapolis was $113,000 in the fourth quarter, while the median family income was $63,800. In the Los Angeles metro area, an estimated 6.2 percent of homes were available to median-income families in the fourth quarter. The fourth-quarter median sales price of Los Angeles-ar...