AgentIndustry News

California markets top list for least affordable homes

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Seven of the 10 least affordable housing markets in the nation during the first quarter are in California, while metro areas in Ohio and Michigan account for seven of the nation's most affordable metro areas, according to a report released today by the National Association of Home Builders. Los Angeles remained the least affordable housing market with a population above 500,000 for the 14th consecutive quarter in first-quarter 2008, while Indianapolis remained the most affordable major U.S. housing market for the 11th straight quarter. Kokomo, Ind., was the least affordable housing market with a population below 500,000 among the 223 metro areas tracked by the builders trade group, and Salinas, Calif., topped the list of smaller metro areas for the lowest affordability ranking. The NAHB/Wells Fargo Housing Affordability Index, a measure of the percentage of homes sold in a given area that are affordable to families earning a median income for that area, increased to 53.8 pe...