Springfield, Ill., most affordable housing market

Real Estate Watch

January 23, 2000

Springfield, Ill., was the nation's most affordable housing market in the third quarter of 1999, as rising interest rates sent overall U.S. housing affordability to its lowest level in three years.

Using the Housing Opportunity Index -- a quarterly measure of the percentage of homes sold that a family earning the median income could afford -- the National Association of Home Builders ranked 186 metro areas for a nationwide HOI score of 63.4.

"What this means is that families earning the median U.S. household income of $47,800 could afford to purchase 63.4 percent of homes sold nationwide in the third quarter of 1999," said NAHB President Charlie Ruma.

The Midwest was the most consistently affordable region, with 14 of the 25 most affordable markets. The South had six of the most affordable markets, while the Northeast had four and the West had one.

The West had 19 of the 25 least affordable markets, including San Francisco, named as the least affordable metro area in the nation with only 11.9 percent of the city's homes affordable to median-income residents.

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