And The Most Affordable Housing Market Is...
This is good news for all you home consumers.
Falling mortgage interest rates plus falling home prices equals greater housing affordability.
According to a recent CNNMoney article, the most affordable major housing market was Indianapolis:
Indianapolis was, once again, the most affordable major housing market in the United States. The median home sold there, already low at $122,000 during the previous quarter, fell to $113,000 during the last three months of the year. With a median income of $65,000, 89 percent of the homes sold were affordable to the average household.The LEAST affordable housing market is Los Angeles, California where the media house price is $525,000 while the median income is only $56,200. OUCH! — JLP
Most Affordable Housing Markets [CNNMoney]
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