From the Publisher

During the third quarter of 2010, housing affordability remained near its highest level ever, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI), released in December.

The HOI, which has been calculated quarterly since 1991, indicated that 72.1 percent of all new and existing homes sold during that time period were affordable to families earning the national median household income of $64,400.

The index for the third quarter almost equaled the record-high 72.5 percent set during the first quarter of 2009 and marked the seventh consecutive quarter that the index rose above 70 percent. Until 2009, the HOI rarely topped 65 percent and never reached 70 percent.

How did Jacksonville fare? Even better, with an HOI reading of an astonishing 84.1. That means more than 84 percent of homes sold were affordable to families earning the region’s median household income of $65,800.
Jacksonville’s HOI index had been as low as 48—yes, 48—in 2006.

Cold-weather markets such Indianapolis, Syracuse, Youngstown, Grand Rapids and Wichita ranked higher than Jacksonville in affordability, but let’s face it – where would you rather live?

Financing can still be a challenge, but if you have decent credit you can get a loan. It’s a great time to buy – the numbers don’t lie.

Penelope Geismar
Publisher
penelopeg@florida-homebuyer.com