Pat Beall
Alexandra Clough
Jeff Ostrowski
Linda Rawls
Home > Real Estate > Archives > 2006 > November > 21
Tuesday, November 21, 2006
Affordability: Same story, different quarter
Little change on the affordability front, according to the National Association of Home Builders’ latest Housing Opportunity Index.
It says the typical Palm Beach County family could afford 28.8 percent of the homes that traded hands in the third quarter. That’s down from 29.9 percent in the second quarter and 30.5 percent in the first quarter.
NAHB says the Palm Beach County median home price rose slightly to $290,000 in the third quarter from $286,000 in the first (it includes condos and single-family homes, which aren’t combined in Realtor reports). And it says median family income remains at $64,400.
In the Treasure Coast, NAHB says the typical family could afford 21.5 percent of the homes that sold in the third quarter, up from 20.5 percent in the second quarter but down from 22.7 percent in the first quarter. That’s based on a median home price of $247,000 (down from $250,000 last quarter) and median family income of $54,600.
Both areas rank among the least affordable regions in NAHB’s study of 200 metro areas.
Bay City, MI, was the nation’s capital of affordability: 90 percent of homes sold there were affordable to a typical family. Los Angeles, where fewer than 2 percent of homes were affordable, remained the least affordable housing market.
Permalink | Comments (57) | Post your comment | Categories: Jeff Ostrowski
