By: 1812Blockhouse Staff
Recent news about alarming employment numbers nationwide is echoed in a decline in housing affordability for home buyers across the country, according to the most recent numbers shared by the National Association of Home Builiders (NAHB).
The recently released NAHB/Wells Fargo Housing Opportunity Index revealed that 61.3% of new and existing homes sold between January and March of this year were affordable based on the US adjusted median income of $72,900. That is down from 63.2% in the fourth quarter of last year.
“The affordability decline is tied to the coronavirus outbreak as job losses surged and median income fell due to reduced economic activity,” said NAHB chief economist Robert Dietz.
At the same time, several housing markets nationwide continue to provide great value for money and present outstanding opportunities for a wide range of homebuyers, including those with modest financial resources.
The report also found that the five most affordable larger metro areas for housing are located in Pennsylvania, Indiana, New York, and Ohio (Toledo). The five most affordable smaller metro markets are: Cumberland Maryland/West Virginia; Monroe, Michigan; Binghamton, New York; Battle Creek, Michigan; and … Mansfield.
Of houses sold in Mansfield during the first quarter of 2020, 93% were affordable for a Richland County family’s median income of $61,600.