Now may be the best time to buy a home

Housing affordability is at a 20-year high, according to the National Association of Home Builders. Almost three-quarters of all new and existing homes sold in the first quarter of this year were considered affordable to families earning a median income of $64,400.

"With interest rates remaining at historically low levels, today's report indicates that homeownership is within reach of more households than it has been for more than two decades," said Bob Nielsen, chairman of the National Association of Home Builders.

The most affordable market was Syracuse, New York. Almost 95 percent of homes sold in this market were considered affordable by the national standard making it an attractive place for people to relocate to, the NAHB reports.

For smaller markets, Kokomo, Indiana had a 98.6 percent affordable market for families earning $61,400, which is less than the national average. Cities in Michigan, Maryland, West Virginia, and Ohio also had favorable housing markets.

The least affordable market was White Plains, New York. A mere 24.1 percent of all homes sold here were considered affordable by national standards.  

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