U.S. homes increasingly affordable, but NYC area remains out of reach for most buyers

TRD New York /
Nov.November 15, 2012 01:30 PM

Despite rising housing prices, homes across the nation are becoming more affordable to median-income families, thanks to lower interest rates, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index, released today. Greater New York, however, continues to be the least affordable major housing market in the country.

Nationwide, the median price of new and existing homes sold in the third quarter was $189,000, $13,000 higher than the previous year, the report stated. But the reduced mortgage rates — they’re at the lowest they’ve been in more than a decade – meant that 74.1 percent of these homes were affordable to median-income families, up from 73.8 percent in the previous quarter.

Barry Rutenberg, the housing association’s chairman, said that the data was good news for home buyers and showed that housing remained affordable even as home prices rallied from their recessionary lows. However, he cautioned that lending remains tight. “We know that it remains very difficult for potential buyers to qualify for and obtain those great rates,” he said.

Ogden-Clearfield, Utah was the nation’s most affordable major housing market, with 93.2 percent of homes sold in the third quarter affordable to median-income families. At the bottom of the list of 225 metro areas for the 18th consecutive quarter was New York-White Plains-Wayne, N.Y.-N.J., with just 28.5 percent of homes sold in the third quarter affordable to median-income families. —Hiten Samtani


Related Articles

arrow_forward_ios
A rendering of 165 Broome Street (Credit: Handel Architects)

Nonprofit plans affordable housing development near Essex Crossing

Nonprofit plans affordable housing development near Essex Crossing
All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag

All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag

All Falls Down: Kanye West’s “Star Wars”-themed affordable housing plan hits snag
President Donald Trump (Getty, iStock)

Trump tweets that he “may END” Obama-era fair housing regulation

Trump tweets that he “may END” Obama-era fair housing regulation
City Council member Vanessa Gibson, Speaker Corey Johnson and City Council member Brad Lander (Getty)

Why the City Council abandoned affordable housing

Why the City Council abandoned affordable housing
Barika Williams of Association of Neighborhood and Housing Development and Adam Weinstein, CEO of Phipps Houses

Affordable housing experts talk systemic change

Affordable housing experts talk systemic change
A new report finds homes still unaffordable for majority of Americans (iStock)

TRD Insights: Homeownership unaffordable for average wage earner across 75% of US counties

TRD Insights: Homeownership unaffordable for average wage earner across 75% of US counties
Competition for affordable housing in New York City is highest among those who need affordable housing most (Getty, iStock)

Poorest face worst odds in city’s housing lotteries

Poorest face worst odds in city’s housing lotteries
S. Lawrence Davis and 160-05 Archer Avenue (Google Maps)

Shorewood scores $88M construction loan for first Opportunity Zone project

Shorewood scores $88M construction loan for first Opportunity Zone project
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...