Three New York State housing markets top affordability charts
Buffalo-Cheektowaga-Niagara Falls, NY and Syracuse, NY both ranked in the top five affordable major housing markets in the country according to the most recent National Association of Home Builders (NAHB)/Wells Fargo Housing Opportunity Index (HOI). Binghamton, NY ranked in the top smaller housing markets.
According to the index, shortages of buildable lots and skilled labor, along with excessive regulations, rising mortgage interest rates and ongoing home price appreciation pushed housing affordability in the fourth quarter of 2016 to its lowest point since the third quarter of 2008.
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