Lower interest rates and home prices contributed to a solid boost in nationwide affordability in the first quarter of 2015, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI).
For the second straight quarter, Syracuse, NY remained the nation’s most affordable major housing market, as 95.6 percent of all new and existing homes sold in the first quarter of 2015 were affordable to families earning the area’s median income of $68,500. Elmira, NY was at the top of the affordability chart for smaller housing markets.
New York-White Plains-Wayne, NY-NJ was one of the major metros at the bottom of the affordability chart.
In all, 66.5 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 $65,800. This is up from the 62.8 percent of homes sold that were affordable to median-income earners in the fourth quarter.