Indianapolis Real Estate Housing Market Maintains Number 1 Rank

In early 2006, Wells Fargo bank and the NAHB named The Indianapolis Real Estate housing market the most affordable place to live. As of May 20, 2008 Indianapolis has maintained its position as the most affordable for the 11th straight time in 2008 in the first quarter. That's an amazing feat in this unpredictable economy.

According to NAHB President Sandy Dunn, three factors contributed to increase housing affordability nationwide. The first is the low home prices, the second is a $2,500 nationwide rise in income among families, and the third is the almost record low mortgage rates. 90.1 percent of the homes on the Indianapolis Real Estate Market were affordable to families who earned the city's household median income, which is $65,100.

Another city in Indiana outranked everyone in the first quarter of 2008 in terms of affordable housing and that city is Kokomo, Indiana. It's a smaller city with less than 500,000 people, but a high 95.3 percent of the total homes sold in that time period were affordable to families earning $57,400 which is that metro area's median income. So not only is the Indianapolis Real Estate Market affordable, but Kokomo's is as well. It appears that the state of Indiana as a whole is an affordable place to live for singles and families alike.

As of August 2008, Indianapolis proudly maintains its number one spot for the 12th consecutive time as the most affordable housing in America. In reality, homes nationwide have become more affordable, not just Indianapolis Real Estate. A family who earns the median household income in the area of Indianapolis could afford 96.1 percent of the homes sold in the second quarter of 2008. 96.1 percent is an astonishing high percentage of the homes.

White Plains, New York was ranked America's least affordable housing market. This was the first time since 1991 that California's major housing market wasn't dead last in affordable housing. In the New York market, a mere 11.4 percent of existing and new homes sold in the second quarter of 2008 were affordable to the citizens in that area whose earnings were the area's median of $63,000. It further proves that Indianapolis Real Estate is worth researching.

Although Indianapolis Real Estate is the most affordable major metro market in the country, there is a smaller metro market that has fewer than 500,000 people that outranked Indianapolis in regards to affordability during the second quarter of 2008. The city is located in Ohio and it's called Canton-Massilon. In Canton-Massilon, Ohio an astonishing 96.7 percent of houses sold were affordable to families that earned the local area's median income of $54,600.

Whether you're looking at Indianapolis Real Estate or for homes in Canton-Massilon, home affordability is at al all time high. With the ever-changing economy, people are forced to make tough decisions regarding their homes and their investments. Keep these and other affordable housing areas in mind if you're unfortunate enough to have to uproot yourself or our family and move to another city or state.