Muncie, Ind., most affordable

REAL ESTATE WATCH

Baltimore is 60th

July 16, 2000

Muncie, Ind., was the nation's most affordable housing market in the first quarter of 2000, as higher interest rates caused overall U.S. housing affordability to decline significantly from 1999.

The National Association of Home Builders' Housing Opportunity Index said families earning the median income of $50,200 could afford to buy 62.8 percent of the homes sold nationwide in the first three months of 2000, down 6.8 percent from 1999.

The Baltimore metropolitan area was ranked 60th. Families earning the median income of $63,100 could afford to purchase 74.1 percent of the homes sold.

Rockford, Ill.; Elkhart-Goshen, Ind.; Des Moines, Iowa; and Binghamton, N.Y., rounded out the top five most-affordable metropolitan areas, while San Francisco; Santa Cruz-Watsonville, Calif.; San Jose, Calif.; Salinas, Calif.; and Santa Rosa, Calif., were the most expensive housing markets.

In Muncie, Ind., families earning the median income of $47,900 could afford 90.7 percent of homes sold.

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