Most affordable housing market again is Kokomo

Once again Kokomo, Ind., was considered the most affordable housing market in the final quarter of 1998, according to the National Association of Home Builders' Housing Opportunity Index (HOI).

The HOI is a measure of the percentage of homes sold in a given market that a family earning the median income in that market can afford to buy.

In Kokomo, which has claimed the No. 1 spot seven times in the last two years, 92.3 percent of homes sold in the fourth quarter were affordable for median-income households. The median sales price there was $87,000, while the median income was $50,800.

Baltimore ranked 58th nationally and 19th in the South region, with a median sales price of $124,000 and a median income of $55,600.

Overall, the Midwest was considered the most affordable region, with 14 of the top 25 most affordable metro areas, while the South finished second with six.

The West had 20 of the 25 least-affordable metro areas listed, led by San Francisco, which was last nationally. The Northeast had three and the South two.

Pub Date: 4/11/99