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NAHB: Syracuse and Buffalo-Niagara top affordability chart for third quarter

Nov 14, 2013
Strengthening house prices and increased interest rates in metros across the country contributed to lower housing affordability in the third quarter, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI).

Syracuse, NY was tied with Indianapolis-Carmel, Ind. as the nation’s most affordable major housing markets. Buffalo-Niagara was also at the top of the affordability chart in the third quarter. New York-White Plains-Wayne, NY-NJ was at the bottom of the affordability chart. 

In all, 64.5 percent of new and existing homes sold between the beginning of July and end of September were affordable to families earning the U.S. median income of $64,400. This is down from the 69.3 percent of homes sold that were affordable to median-income earners in the second quarter, and the biggest HOI decline since the second quarter of 2004. 

To read the entire NAHB press release, click here.
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