Housing affordability dropped slightly nationwide in the third quarter due to modest home price and interest rate increases, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index and reported by Rose Quint of NAHB.
From July through September, 62.2% of new and existing homes sold were affordable to families earning the U.S. median income of $65,800. Quint states that the figure is down from 63.2% in the second quarter.
Syracuse, N.Y. was rated the nation’s most affordable major housing market, switching places with Youngstown-Warren-Boardman, Ohio-Pa., which fell to the second slot on the list. In Syracuse, 91.7 percent of all new and existing homes sold in this year’s third quarter were affordable to families earning the area’s median income of $68,500.