Magazine article Mortgage Banking

Buffalo Most Affordable Metro Area, L.A. Least Affordable

Magazine article Mortgage Banking

Buffalo Most Affordable Metro Area, L.A. Least Affordable

Article excerpt

THE BUFFALO AND NIAGARA FALLS, NEW York, MSA was the nation's most-affordable housing market among major metros with populations of more than 500,000 during the second quarter, according to a survey produced jointly by the National Association of Home Builders (NAHB), Washington, D.C., and Wells Fargo & Co., San Francisco.

The quarterly NAHB/Wells Fargo Housing Opportunity Index (HOI) noted that nearly 90 percent of the new and existing homes sold in the Buffalo-Niagara Falls metro area during the second quarter were affordable to families making the area's median income of $57,000. The area median price of homes was $75,000.

Overall housing affordability across the United States fell for the second consecutive quarter, down 4.2 points to 45.9 on the HOI--meaning that approximately 46 percent of new and existing homes sold in the second quarter were affordable to median-income families.

"This decline was mostly attributable to a 7 percent gain in the average price of homes sold in the year's second quarter versus the first quarter," the survey noted. …

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