In the first quarter of 2013, national housing affordability fell a little over a point from the quarter before to 73.7 percent on the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI). This means 73.7 percent of homes purchased between January and March 2013 were affordable to families earning the U.S. median income of $64,400.
"Thanks to very favorable mortgage rates and prices, housing affordability has remained quite high over the past four years," observed NAHB Chairman Rick Judson, a home builder from Charlotte, N.C. "The HOI has not slipped below 70 since the end of 2008."
Ogden-Clearfield, Utah, maintained its position as most affordable market for the third consecutive quarter. The San Francisco-San Mateo-Redwood City, Calif. market remained at the bottom of the list, where it fell at the end of 2012.
The full list can be viewed here.
