Indianapolis: Still Most Affordable
The winner of the most affordable housing award goes to Indianapolis for the sixth consecutive time. That’s according to the the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI). Nationally, the index noted that housing affordability edged upward due in large part to a “noticeable decline in the average mortgage rate and a marginal downshift in the median price of all homes sold”.
Other affordable major metros included Youngstown-Warren-Boardman, Ohio-Pa.; Detroit-Livonia-Dearborn, Mich.; Toledo, Ohio; and Buffalo-Niagara Falls, N.Y., in that order.
Four smaller metro markets outranked all others in terms of housing affordability during the fourth quarter: Springfield, Ohio was followed by Davenport-Moline-Rock Island, Iowa.-Ill.; Bay City, Mich.; and Mansfield, Ohio, respectively. Also, the small housing market of Canton-Massillon, Ohio, tied with Indianapolis on the affordability scale.