Syracuse: One of the Most Affordable Housing Markets in the NATION

Ten Most Affordable Housing Markets (from Yahoo.com)
http://finance.yahoo.com/real-estate/article/105683/Affordable-Housing-E...

1. Indianapolis-Carmel, Ind.
Median home price: $108,000
Median household income: $65,100
Share of homes affordable to median-income families: 91.6%
Share of affordable homes in Q2 1998: 73.1%

2. Youngstown-Warren-Boardman, Ohio-Pa.
Median home price: $77,000
Median household income: $52,000
Share of homes affordable to median-income families: 90.1%
Share of affordable homes in Q2 1998: 80.1%

3. Detroit-Livonia-Dearborn, Mich.
Median home price: $92,000
Median household income: $54,400
Share of homes affordable to median-income families: 88.4%
Share of affordable homes in Q2 1998: 62.8%

4. Warren-Troy-Farmington Hills, Mich.
Median home price: $140,000
Median household income: $78,800
Share of homes affordable to median-income families: 86.8%
Share of affordable homes in Q2 1998: N/A

5. Grand Rapids-Wyoming, Mich.
Median home price: $112,000
Median household income: $59,200
Share of homes affordable to median-income families: 86.3%
Share of affordable homes in Q2 1998: 74.8%

6. Toledo, Ohio
Median home price: $104,000
Median household income: $60,100
Share of homes affordable to median-income families: 85.5%
Share of affordable homes in Q2 1998: 77.3%

7. Dayton, Ohio
Median home price: $102,000
Median household income: $59,800
Share of homes affordable to median-income families: 85.4%
Share of affordable homes in Q2 1998: 83.8%

8. Akron, Ohio
Median home price: $100,000
Median household income: $61,700
Share of homes affordable to median-income families: 84.5%
Share of affordable homes in Q2 1998: 69.6%

9. Syracuse, N.Y.
Median home price: $98,000
Median household income: $61,000
Share of homes affordable to median-income families: 84.2%
Share of affordable homes in Q2 1998: 83.6%

10. Scranton/Wilkes-Barre, Pa.
Median home price: $91,000
Median household income: $54,700
Share of homes affordable to median-income families: 82.5%
Share of affordable homes in Q2 1998: N/A

View the 10 least affordable housing markets.

Editor's Note: The metropolitan statistical areas (click here to learn more about MSAs) included in this story were ranked based on the share of homes sold in the second quarter of this year that would have been affordable to a family earning the local median income. Affordability is calculated by comparing the median household income to housing costs, assuming that a family can afford to spend 28% of its gross income on housing. The housing costs were calculated using sales records supplied by First American Real Estate Solutions and include principal, interest, estimated property taxes and insurance. It's based on a 30-year fixed rate mortgage for 90% of the sales price. The interest rate is a weighted average of fixed and adjustable rates during the quarter as reported by the Federal Housing Finance Board. The median household income estimates are published by the Department of Housing and Urban Development. The ranking only includes metro areas with at least 500,000 people.

Source: National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index

Gopal writes about real estate for BusinessWeek.com in New York.

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