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Syracuse ranked as nation’s most affordable major housing market; housing affordability rises for fourth quarter 2014

Feb 19, 2015
Slightly lower interest rates and home prices in markets across the country contributed to a slight increase in nationwide housing affordability in the fourth quarter of 2014, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI). 

Syracuse, NY claimed the title of the nation’s most affordable major housing market, as 92.8 percent of all new and existing homes sold in the fourth quarter of 2014 were affordable to families earning the area’s median income of $67,700. Binghamton, NY ranked near the top of the smaller housing market affordability chart. Meanwhile, New York-White Plains-Wayne, NY-NJ ranked near the bottom of the chart.

In all, 62.8 percent of new and existing homes sold between the beginning of October and end of December were affordable to families earning the U.S. median income of $63,900. This is up from the 61.8 percent of homes sold that were affordable to median-income earners in the third quarter.

To read the entire NAHB press release, click here.
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