Affordability–thing of the past?
February 26th, 2007 . by Mike KellyThe “National Association of Home Builders (NAHB) recently came out with some startling Housing Opportunity Index (HOI) numbers which they jointly compile with Wells Fargo banking services. THE most affordable area? Indianapolis with 89% of home sold in the fourth quarter being affordable to families earning the area’s medium household income of $65,110. Conversely, Sonoma County is about 10% in the HOI! Or, 9 out of 10 folks could afford to buy with their area’s medium income in Indi and 1 out of 10 can afford to buy in our area!! The medium priced home in Indi? $113,000 (down from a high of $122,000!!). Actually, in our area you would have to earn something like $100,000 to afford the medium home price of $$542,000. But you probably KNOW THAT DON’T YOU!!
So that is why my mailers never work!