Even though Atlanta didn’t make the top of the most affordable homes list, the Atlanta Home Inspector has been busy. The overall affordability of homes nationwide was higher last quarter. The lowest mortgage rates in history, a sustained median income, and slow-to-recover home prices throughout GA and the country, means that the request for Atlanta Home Inspections has increased, due to the abundance of real estate activity in our area!
According to the National Association of Home Builders, the quarterly Home Opportunity Index read 75.9 in 2011′s fourth quarter. More than 3 in 4 homes sold between October-December 2011, in other words, were affordable to households earning the national median income of $64,200.
Never in recorded history have U.S. homes been as affordable on a national level. Even on a regional and local level, affordability soared.
Affordability was highest in the Midwest; 7 of the 10 most affordable markets nationwide were in the nation’s heartland.
The Top 5 most affordable U.S. cities in Q4 2011 were:
- Kokomo, IN (99.2% home affordability)
- Fairbanks, AK (97.5% home affordability)
- Cumberland, WV (96.9% home affordability)
- Lima, OH (96.0% home affordability)
- Rockford, IL (95.5% home affordability)
These are each considered “small markets”. The most affordable “major market” was the Youngstown, Ohio area, where 95.1% of homes sold were affordable to households earning the area’s local median income.
Not surprisingly, America’s “least affordable cities” were regionally-concentrated, too, with 7 of the 10 least affordable markets located in either California or Texas.
San Francisco (#3), Santa Ana (#4), and Los Angeles (#5) led for the Golden State but, for the 15th consecutive quarter, the New York metropolitan area took “Least Affordable Market” honors.
Just 29 percent of homes in and around New York City were affordable to households earning the area’s median income last quarter. It’s a large jump from the quarter prior during which 23 percent of homes were affordable.
The rankings for all 225 metro areas are available for download on the NAHB website.
If you plan to buy an Atlanta foreclosed home, have a real estate professional on your side. The internet can teach you much about how the GA housing market works, but when it comes to writing contracts, you’ll want an experienced agent on your side.
Do us a favor if you or someone you know is about to buy that foreclosure home, please recommend us to them, so that they know what “As-Is” really means. When you find your foreclosure home, make sure that you get a thorough home inspection in Atlanta, GA from the home inspector Atlanta, GA, David Lelak of IHI Home Inspections, serving Atlanta and all of North Georgia. Call us today at 404-788-2581 for a thorough home inspection in Atlanta. We won’t let you buy the money pit. You can also schedule your Atlanta home inspection today online. We create Peace of Mind One Atlanta home inspection at a time. Be sure to check out all the other reasons other customers chose IHI Home Inspections at our original website.