According to Realtor Magazine the housing affordability in this country is the highest it's been in over 20 years. This is directly from the National Association of Home Builders and the Wells Fargo Housing Opportunity Index.
What does affordability mean? On average about 72% of the new and existing homes that were sold this year (2011) were affordable according the national median income of around $64,000. This is great news not only for sellers but home buyers as well. More homes are being sold, more buyers are finding great deals and the economy is turning around.
Although many places around the country are still in that sluggish state many are also stabilizing or even seeing signs of recovery with increases in some homes in certain markets.
Most Affordable Housing Markets
Ohio, Pennsylvania was the most affordable major housing market with 93.7 percent of all homes sold found to be affordable to households earning the area's median family income of $54,900. Among Ohio, Syracuse, N.Y.; Indianapolis-Carmel, Ind.; Dayton, Ohio; and Lakeland-Winter Haven, Fla. are all seeing a stable and affordable housing market.
Least Affordable Markets
Balancing the chart on the other end is New York-White Plains-Wayne, N.Y.-N.J., in which 25.2 percent of all homes sold during the quarter were affordable to those earning the area's median income of $67,400. The other least affordable major metro areas includes San Francisco-San Mateo-Redwood City, Calif.; Santa Ana-Anaheim-Irvine, Calif.; Los Angeles-Long Beach-Glendale, Calif.; and Honolulu.
Where is the Seattle real estate market? Somewhere in the middle which is not a bad sign. There are pockets of the Seattle area doing quite well. For a property value of your home or to find where the most affordable homes in the Bellevue, Kirkland or Seattle area is, please contact me anytime.
Your Local Bellevue / Kirkland Real Estate Agent
Whether it's buying, selling, renting or investing, if it has to do with the Seattle and Bellevue real estate market, I've got you covered. Not only do I show you the highest in client satisfaction and customer service but top notch negotiation skills from years in the local real estate market. Does it really matter whether you use a local agent? Absolutely! Not only do I work in the Seattle and Eastside markets I live there, play there and enjoy all that this side of the mountains has to offer.
Infographic from the folks at StorageMart
Your Local Bellevue / Kirkland Real Estate Agent
My areas of expertise include but are not limited to Bellevue real estate, Kirkland homes, Woodinville, Bothell, Redmond, Renton, Mercer Island, Medina homes and Seattle. When the time comes, contact a local Seattle real estate agent for all your home buying and selling needs. Mary Dunphy at 425-829-3417 | mary@SeattleKirklandHomes.com
