The affordability of new and existing homes for families earning the U.S. median wage decreased slightly between the second and third quarters, according to the National Association of Home Builders.
Between the beginning of July and end of September, 61.8 percent of homes sold were affordable to families with an income of $63,900. This is down from 62.6 percent of homes sold that were affordable in the second quarter.
Despite both the decrease and the fact that home prices are reaching their highest levels since the end of 2007, affordability is fairly high by historical standards, said NAHB Chief Economist David Crowe in a statement.
The most affordable major housing market went to Youngstown-Warren-Boardman, Ohio-Pennsylvania, wherein 89.1 percent of all new and existing homes sold in the third quarter were affordable to families earning the area's median income of $52,700.
The least affordable was San Francisco-San Mateo-Redwood City, Calif. There, 11.4 percent of homes were affordable to families making the median income of $100,400.
