Home Affordability

January 11, 1994

The Midwest remained the least expensive region in the nation to buy a house during the July-September period, a National Association of Home Builders report released yesterday shows.

Listed below are the 10 most affordable and 10 least affordable U.S. housing markets in the third quarter, along with the rankings for Baltimore and Washington. The number corresponding to each area is the percentage of the homes sold that were within reach of the median-income household at the prevailing mortgage interest rate.

MOST AFFORDABLE

Metro area ............. ............ %

1. Jackson, Mich. ...... ............ 94.8

2. Brazoria, Texas ..... ............ 93.7

3. Mansfield, Ohio ..... ............ 93.4

4. Lansing-East Lansing, Mich. ...... 93.3

5. Saginaw-Bay City-Midland, Mich. .. 93.1

6. Rockford, Ill. ...... ............ 93.0

7. Elkhart-Goshen, Ind. ............. 92.1

8. Grand Rapids, Mich. .............. 91.7

9. Milwaukee ........... ............ 91.2

10. Springfield, Ill. .. ............ 91.1

133. Baltimore ......... ............ 72.9

137. Washington-Md.-Va. ............. 72.0

LEAST AFFORDABLE

179. Santa Barbara-Lompoc, Calif. ... 42.2

180. New York .......... ............ 40.8

181. San Jose, Calif. .. ............ 39.1

182. Stamford, Conn. ... ............ 38.5

183. Honolulu .......... ............ 36.5

184. Los Angeles-Long Beach ......... 34.7

185. Santa Rosa-Petaluma, Calif. .... 30.9

186. Santa Cruz, Calif. ............. 26.5

187. Salinas-Seaside-Monterey, Calif. 23.5

188. San Francisco .... ............. 17.5

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