Des Moines leads as most affordable housing market

REAL ESTATE WATCH

March 25, 2001

Des Moines, Iowa, knocked off Springfield, Ill., as the nation's most affordable housing market for the fourth quarter of 2000, according to the National Association of Home Builders' Housing Opportunity Index.

The NAHB's index shows what percentage of the homes sold in an area can be bought by a family earning the median income. Nationwide, families earning the median income of $50,200 could afford to buy 59.3 percent of homes sold - up more than 1 percentage point from the previous quarter.

In the Baltimore metropolitan area, families earning the median income of $63,100 could afford to buy 71.6 percent of homes sold. The median home sales price was $141,000.

In Des Moines, 88.9 percent of the homes sold could be purchased by households making that area's median family income of $60,000.

San Francisco was the nation's least affordable housing market as only 6.1 percent of the homes sold in the fourth quarter were affordable to families earning the median income of $74,900.

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