Builders: Indianapolis country's most affordable city

A new report says those moving into new or existing homes in Indianapolis are enjoying some of the country's most affordable prices.

During this year's third quarter, 93.3 percent of all homes that were sold in the Indianapolis-Carmel metropolitan area were affordable to families earning the area's median income of $68,700, reported the National Association of Home Builders/Wells Fargo Housing Opportunity Index. Moving into a home in many major markets around the country remained affordable for most Americans, said the report, with Dayton, Ohio, and Wichita, Kansas, also among the top five.

Among the nation's smallest markets, Kokomo, Indiana, was the most affordable - with 96.1 percent of homes sold there considered affordable.

Nationwide, 72.1 percent of homes sold during the third quarter were affordable to families making the nation's median income of $64,400, near the all-time record of 72.5 percent and making seven straight quarters where the percentage has topped 70 percent.

"With interest rates remaining at historically low levels, and house prices starting to stabilize, homeownership is within reach of more households than it has been for almost 20 years," said NAHB chairman Bob Jones.

The report wasn't alone in touting the affordability of homes today. Stabilizing home prices and low mortgage rates make moving into a new home an easier proposition for many buyers, according to the Obama administration's most recent housing scorecard.
 

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