5/22/2006
Media Contact:
Justin Ohlemiller, [317] 327-3690 |
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Study: Indianapolis still nation’s most affordable major housing market
INDIANAPOLIS - The City of Indianapolis was the nation's most affordable major housing market for a third consecutive quarter in the beginning of 2006, according to the recently released National Association of Home Builders’/Wells Fargo Housing Opportunity Index (HOI).
More than 90 percent of homes sold in Indianapolis in the first quarter of 2006 were affordable to families earning the area’s median household income of $65,100. The median sales price of all homes sold in Indianapolis during that time was $113,000. Also near the top of the list for affordable major metros was Youngstown-Warren-Boardman, Ohio-Pa., followed by Detroit-Livonia-Dearborn, Mich.; Rochester, N.Y.; and Buffalo-Niagara Falls, N.Y., in that order.
“This latest HOI data shows why Indianapolis has a national reputation as a great place to live, raise a family and do business,” said Mayor Bart Peterson. “We have succeeded at maintaining a low-cost of living while offering a high quality of life with our world-class downtown, historic neighborhoods and strong economy.”
Los Angeles-Long Beach-Glendale, Calif. maintained its standing at the very bottom of the affordability chart in the first quarter, with just 1.9 percent of new and existing homes sold in the area being affordable to families earning the median household income of $56,200. The median price of all homes sold in the metro during the first quarter was $500,000. Other major metros at the bottom of the housing affordability chart included Santa Ana-Anaheim-Irvine, Calif., followed by San Diego-Carlsbad-San Marcos, Calif.; New York-White Plains-Wayne, N.Y.-N.J.; and Nassau-Suffolk, N.Y.
Retaining the title of the nation’s most affordable housing market is another in a long line of national accolades collected by Indianapolis recently.
Earlier this month, Forbes Magazine named Indianapolis as one of the 10 best places in America to start a business or a career. Two weeks ago, the new Kliplinger’s survey ranked Indianapolis as one of the top 14 “Smart Places to Live” in the country.
The Mayor’s Charter School initiative also received national acclaim this Spring when it was recognized by the National Alliance for Public Charter Schools and then honored as a finalist for the prestigious 2006 Innovations in American Government Award, which has been dubbed the “Oscars” for government initiatives.
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