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Syracuse ranked as nation’s most affordable major housing market; housing affordability edges higher in first quarter

May 14, 2014
Slightly lower median home prices along with steady mortgage rates contributed to higher housing affordability in the first quarter, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI). 

Syracuse, NY was the nation’s most affordable major housing market in the first quarter of 2014, as 93.7 percent of all new and existing homes sold were affordable to families earning the area’s median income of $67,700. Buffalo-Niagara Falls, NY also ranked at the top of the affordability chart. New York-White Plains-Wayne, NY-NJ ranked near the bottom of the affordability chart.

In all, 65.5 percent of new and existing homes sold between the beginning of January and end of March were affordable to families earning the U.S. median income of $63,900. This is slightly higher from the 64.7 percent of homes sold that were affordable to median-income earners in the fourth quarter. 

To read the entire NAHB press release, click here.
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