For the tenth consecutive quarter, Indianapolis ranks as the most affordable major U.S. housing market, according to the latest National Association of Home Builders/Wells Fargo Housing Opportunity Index. During the fourth quarter of 2007, 89.5 percent of the houses sold in Indianapolis were affordable to people making the area’s median household income of $63,800. Youngstown, Ohio, Detroit, Toledo, Ohio and Grand Rapids, Mich. follow Indianapolis as the most affordable major metro areas. Los Angeles, where only 6.2 percent of homes sold were affordable to those earning the median income of $61,700, was the least-affordable city for the 13th consecutive quarter.
Nationwide, however, housing affordability has increased to its highest level since the first quarter of 2005, the report finds.