Of homes sold between April and June, 59.4 percent were affordable to families earning the U.S. median income of $68,000, down from 60.3 percent in the first quarter, according to the National Association of Home Builders.
"The job market continues to gain steam and this is boosting housing demand," said NAHB Chief Economist Robert Dietz in a statement. "Meanwhile, growing incomes and attractive mortgage rates are helping to keep housing affordable by partially offsetting ongoing home price appreciation. Home prices will continue to rise as inventory remains tight.”
The most affordable metro area was Youngstown-Warren-Boardman, Ohio-Penn., where 93.3 percent of homes sold in the second quarter were affordable to families making the area’s median income of $54,600.
The least affordable metro area was San Francisco-Redwood City-South San Francisco, Calif., where 7.6 percent of homes sold in the second quarter were affordable to families earning the area’s median income of $113,100.
