Newspaper article THE JOURNAL RECORD

Oklahoma City Ranks 27th in Housing Affordability

Newspaper article THE JOURNAL RECORD

Oklahoma City Ranks 27th in Housing Affordability

Article excerpt

WASHINGTON (AP) _ Oklahoma City was 27th and Tulsa was 28th in a national affordability ranking of the housing market in 169 urban markets, according to figures released Wednesday.

The Housing Opportunity Index is compiled by the National Association of Home Builders. The latest rankings cover the first quarter of 1992.

In Oklahoma City, 80.7 percent of the homes sold were within reach of a mediumcome household at the prevailing mortgage interest rate.

In Tulsa, ranked 28, 80.3 percent of the homes sold were within reach.

Southerners saw the value of their homes grow fastest in the first quarter of 1992, the survey said. But the South _ along with the Midwest _ still had the most affordable housing.

The Northeast and the West, particularly California, continued to be the least affordable regions, according to the survey by the National Association of Home Builders.

Nevertheless, Manchester, N.H., in the costly Northeast, was the most affordable metropolitan area in the United States from January through March. It had a rating of 90.6 percent on the association's Housing Opportunity Index.

The most affordable areas in other regions were Saginawy City, Mich., in the Midwest, 89.3 percent; Brazoria, Texas, in the South, 87.9 percent, and Greeley, Colo., in the West, 80.9 percent.

The index represents the percentage of homes sold in the quarter that could have been purchased at prevailing interest rates by a family earning the area's median income.

San Francisco, in the West, remained the least affordable area with a 9.3 percent rating. In other regions, the least affordable markets were the Auroragin suburbs of Chicago in the Midwest, 60.9 percent; the Wilmington, Del., metropolitan area in the South, 55.1 percent, and New York in the Northeast, 14.5 percent.

The survey, including 325,519 sales of new and previously owned houses in 169 markets, showed prices rising fastest in the South.

Thirteen of 51 metropolitan areas there, seven of them in Florida, posted price hikes of more than 10 percent over the same quarter of 1991. …

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